Message Font: Serif | Sans-Serif
No. of Recommendations: 1
Kind of interesting. I got the turbo tax for stock accounts and did not have any Tax problems so far, over the last few years.

Then I tried to get a mortgage. Boy was that an eye opener, because Turbo tax did not enter or even ask about section "L". return of capital. Due to the missing figures the bank will not consider the income from a partnership such as williams partners.

so you have to go to forms and manually enter it. Not only that but when the section called ending capital account goes to zero, you will have to start paying tax on distributions. That is according to my local CPA.

Aside from being pissed at turbo tax. it has been a rough week.
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.