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TURBOTAX
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Re: MLPs and passive losses (ETP's 2015 RGP merger) It makes absolutely no difference to move the losses this year or wait until you start your taxes next year. NONE. I simply have done it in the following year as a long time in MLP time I received a change in the K-1 well after I filed (July) thus trying to edit a deleted file made no sense. I am simply choosing to make the change in January of 2017 instead of now. in either case you will have already filed your 2015 return. My personal reason is you did get a K-1 for RGP (actually two of them) and so I leave them and their numbers there for in this case my 2015 return. Then I move the numbers when I begin my 2016 return and delete the files so nothing from RGP is on the 2016 return. RGP is issuing a final return but since there is no disposition there is no difference in what is reported. The box "fimnal" simply tells TTax to not look for another K-1 from that company. Of course the data will not be "imported" - you need to do that manually as TTax cannot know where it goes. TTax cannot move the data to ETP. YOU need to do that. One last time so it is clear. If you sold the parent company (ETP in this case) you MUST move all "sub" K-1s NOW. If you did not sell then it makes no difference as long as your return is already filed when you move the losses , but you do need to file with the proper losses per the k-1 in place. Doing it now after filing of early next year - Who cares? I just always do it the next year just in case something happens and I do not want to delete data that was filed from the current years return. Again if a K-1 has data in Boxes 1, 2 , and 3 you need to open THREE K-1s. TTax cannot handle the data otherwise. Sorry it is cumbersome. |
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