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10-14-2012, 09:58 AM
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#1
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Dryer sheet aficionado
Join Date: Jun 2008
Posts: 49
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K-1 form/tax program?
Which tax software do you use that includes K-1 forms for MLPs and the like, that get sent to us for taxable accounts?
My Tax Cut standard edition did not support the K-1 I received last year.
Thanks
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10-14-2012, 10:22 AM
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#2
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,338
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Not familiar with Tax Cut but I would be surprised that it doesn't support K-1s. I use TurboTax and it is easy to report a K-1.
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10-14-2012, 10:25 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Jul 2012
Location: Mississippi
Posts: 1,894
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10-14-2012, 12:44 PM
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#4
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,697
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 Quote:
Originally Posted by pb4uski
Not familiar with Tax Cut but I would be surprised that it doesn't support K-1s. I use TurboTax and it is easy to report a K-1.
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+1
Many MLPs will download K-1 data directly into TurboTax.
__________________
In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could.”
― Rudiger Dornbusch
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11-03-2012, 05:33 PM
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#5
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Recycles dryer sheets
Join Date: Nov 2012
Location: Olympia
Posts: 150
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Quote:
Originally Posted by sailfish
Which tax software do you use that includes K-1 forms for MLPs and the like, that get sent to us for taxable accounts?
My Tax Cut standard edition did not support the K-1 I received last year.
Thanks
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Turbotax comes closer than most, but depending on the type of K-1 you have the software may not cut it. I gave up the MLP's just for that reason. Though the returns are great the accounting is a nightmare, and by the way they can lead to "Tax Due" for IRA accounts as well!
fd
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11-03-2012, 08:20 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Jul 2006
Posts: 1,901
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Quote:
Originally Posted by FinancialDave
Turbotax comes closer than most, but depending on the type of K-1 you have the software may not cut it. I gave up the MLP's just for that reason. Though the returns are great the accounting is a nightmare, and by the way they can lead to "Tax Due" for IRA accounts as well!
fd
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+1
__________________
“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said” Alan Greenspan
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