Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

How do I report info to the irs from form k1 supplemental…

How do I report...

How do I report info to the irs from form k1 supplemental form?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

In 2017 I bought units of ETP-an mlp. I received A schedule K-1. Part III says do not use Part III information-see 2017 supplemental K-1 information statement. How do I report that info to the IRS?

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I am in the 0% tax bracket.

Show More
Show Less
Ask Your Own Tax Question
Answered in 1 hour by:
3/22/2018
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,086
Experience: 35 years tax experience, including four years at a Big 4 firm.
Verified
I'mCustomer I'll assist.
Ask Your Own Tax Question
Customer reply replied 3 months ago
Thank you
Most of the supplemental information is not needed for current reporting to IRS. Supplemental information can be for state taxes, AMT preferences, basis, non deductible amounts, etc. These may not be needed currently with IRS. They can have an impact on current state taxes, or future taxes, but likely don't have current impact. So don't try to report anything more than what IRS wants, which is the k-1 like item detail.Thanks for asking at just answer. Positive feedback is appreciated. I'mCustomer
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,086
Experience: 35 years tax experience, including four years at a Big 4 firm.
Verified
PDtax and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 3 months ago
Do I need to file A schedule E?
Page 2 of the form reports many of the income or loss items. You might have interest, dividends or capital gains that get reported elsewhere.
Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask PDtax Your Own Question
PDtax
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,086
5,086 Satisfied Customers
Experience: 35 years tax experience, including four years at a Big 4 firm.

PDtax is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Thank you so much for your Tax advice. I received K-1 from
Thank you so much for your Tax advice. I received K-1 from Vanguard Natural Resources which CODI is $95600. I purchased 30,000 shares which value was only 1800 … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor\u0027s Degree
3,087 satisfied customers
Doing a tax return: Received a number of partnership K1's.
Doing a tax return: Received a number of partnership K1's. One of the K1's had a large stamp over Part III "DO NOT USE PART III INFORMATION-- SEE 2017 SUPPLEMENTAL K1 INFORMATION STATEMENT.The page wi… read more
Bryan M.
Bryan M.
Owner
Masters of Accountancy
159 satisfied customers
I understand not having to report IRA/Keogh "income" (Form
I understand not having to report IRA/Keogh "income" (Form K-1, line 20) on tax return, BUT, do I show the "original" investment into the MLP as a "contribution" into a Roth on personal tax return? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I have sold an MLP. The ba. I have sold an MLP. The
I have sold an MLP. The “Adjsutments to Basis” shown on the gain/loss calculation is a negative number. I sold for much less than I paid for the MLP. Does that negative basis adjustment make my loss greater or less? … read more
Carter McBride
Carter McBride
LLM
1,189 satisfied customers
I have a question on schedule K, where I add it into my
I have a question on schedule K, where I add it into my personal taxes … read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,127 satisfied customers
I received a 2016 K-1 from Vanguard Natural Resources LLC
I received a 2016 K-1 from Vanguard Natural Resources LLC Series B Preferred Units noting a $7323 Amt in Guarantee payments K 1 Part III Box 4. I never received the payment. VNR went to bankruptcy. Ho… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,155 satisfied customers
I was speaking with, and now I have another question. I sold
Good afternoon! I was speaking with Mark, and now I have another question. I sold some surface rights in 2016 and do not know what form to complete for the IRS. Any advice? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
I was wondering what happens if I'm short an MLP. Do I
I was wondering what happens if I'm short an MLP. Do I still get a K-1 at the end of the year with a bunch of negative numbers in it for any distributions that were made? As a related question, if I'm… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,127 satisfied customers
I WANT TO KEEP TRACK OF MY COST BASES UNITS ON A YEARLY
I WANT TO KEEP TRACK OF MY COST BASES FOR MLP UNITS ON A YEARLY BASES. I'VE READ SEVERELY ARTICLES AND I'M SURE ABOUT ALL THE FACTORS THAT HAVE TO BE CONSIDERED. IT SOUNDS AS IF ALL THE INFORMATION IS… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,127 satisfied customers
I need to know where on my personal return to put a capital
I need to know where on my personal return to put a capital gains amount which is on line 8 of my K-1 and if I also need to file a Schedule D. When I fill out the capital gain worksheet I come up with… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor\u0027s Degree
3,087 satisfied customers
I sold last year Master Limited Partnership (MLP) units that
I sold last year Master Limited Partnership (MLP) units that I help for 2-4 years. As a result on the Schedule K-1 I received the MLP listed the Ordinary Income allocated to each of the units I sold r… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master\u0027s Degree
3,104 satisfied customers
I am doing my taxes and am trying to figure out the K! from
I am doing my taxes and am trying to figure out the K! from an MLP. I sold my shares in this MLP back in Feb of 2014. I have had the sahres since Oct.2011. I entered the sale and purchase gain from th… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
Subject: Reporting the final distribution of Trust
Subject: Reporting the final distribution of Trust principal/corpus on Form 1041 and Schedule K-1 To start out, I am the trustee of a complex trust that is being closed out due to the death of my fath… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
47 satisfied customers
I received a form 1065 schedule K-1 from a thoroughbred racing
I received a form 1065 schedule K-1 from a thoroughbred racing stable I joined as a partner of last year. I don't know how to enter anything from this onto my federal or state tax return. Can you help… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,127 satisfied customers
I need help to do PA state inc. taxes for MLP I own. I
I need help to do PA state inc. taxes for MLP I own. I did the federal tax for the MLP and imported to PA state inc. tax. I have no answers to the interview questions. Help… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I hold 3 mlps in my ira account and I have aready filed my
I hold 3 mlp's in my ira account and I have aready filed my federal/state tax returns and have just received 3 K-1 statements. None of the k-1 show UBTI tax of a combined amount that comes close to a … read more
Stephanie B.
Stephanie B.
Accountant
Master\u0027s Degree
556 satisfied customers
i owned shares in a publicly traded partnership that
hello, i owned shares in a publicly traded partnership that paid distributions, purchased in 2008 & sold a portion with a short-term gain in 2009, and the rest in 2010 w/ a short term loss. i did not … read more
CGCPA
CGCPA
Owner
Bachelor\u0027s Degree
3,815 satisfied customers
Will Schedule K-1 allow me calculate taxes properly if I have
Will Schedule K-1 allow me calculate taxes properly if I have stock in a MLP in a Roth IRA?… read more
Gerri A Harrison CFP EA
Gerri A Harrison CFP EA
Financial advisor/Tax preparer
Bachelor\u0027s Degree
252 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x