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IRS Schedule K-1 Anyone knows it?

457 409 September 27, 2017 at 04:41 PM
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I bought and sold Sunoco LP stock in 2016. Did not know it needs special tax filing Frown
made a profit of $150 and i am going to report that as stock sale income.
I received a K-1 Statement from the broker and entering that into tax software is a pain, i don't understand some of the questions Smilie (Doing my taxes now).
The amounts on the K1 statement is low (attached)

Wondering if i can skip filing the K1 info since the amounts are low and only report the capital gain. any suggestions?

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Joined Feb 2010
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#2
I'm sorry to hear. A lot of ETF are structured as LP, therefore generate a K-1. I'm a member of a "invest club" so I seen it for a while now.

In the old days neither Turbotax or HR does a good job but these days both of those should handle it. Sometime, they will also attach a more plain language addendum to the K-1.
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Joined Sep 2017
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#3
I would not stress out over it. It looks like you have an overall loss of a few bucks, based on the income and expenses listed.

Sometimes I punt when I file my taxes and sometimes I forget to account for a form. In this case, what will likely happen is the IRS will recalculate your tax based on the form you skipped and then you will have the option of accepting their recalculated amount or contesting it.
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#4
Thanks Both repped.
i filled in the K1 as i could understand in turbotax and mailing today will see Smilie
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#5
K-1 is customarily listed on Sched E of the 1040.
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-Adam
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#6
Go to irs.gov and you can search for almost anything in the search box. Look for the 1040 2016 instructions. The instructions are organized by line number on the 1040 form. You can also look up K1 and get any info you would like to help you better understand that form if it makes you feel better.
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