TurboTax 2022 Form 1040 - Publicly Traded Investment (PTP) Schedule K-1

How to file your taxes with TurboTax?

In this video, I cover how to enter a Schedule K-1 from a publicly traded partnership (PTP) investment for an individual taxpayer.

PTPs are publicly traded securities, but the entity itself is not subject to taxes. The owners of the PTP (i.e., shareholders) receive a Schedule K-1 and report the income & expenses on their tax returns.

PTP K-1s can be quite complex with a lot of information and footnotes. It is important to completely review your Schedule K-1 and capture all of the information that applies to your circumstances. Very often, the K-1 will include information that is irrelevant to your situation.

Did you sell your PTP investment during the year? View our video here on the relevant gain/loss adjustments:

For other TurboTax 2022 tutorials videos, please see the following playlist:

For a larger database of tutorials, please visit our website and search for your question:

DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.

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[uberguy]

Hello. I received my Schedule K1 for teucrium wheat fund (WEAT). However, the fund sent me a letter saying that items of international tax relevance are reported on Schedule K-3. Unfortunately, the letter also stated that I won't receive the K-3 until the end of June 2023. The letter also states "K-3...this information may be necessary to complete your tax returns." I was also told that failure to report K-3 on my tax return can result in a $10, 000 fine by the IRS. However, I don't want to wait until June to file my taxes as I need my refund check immediately and I want to file now with the Schedule K1. So my question is, can I file my taxes now in March of 2023 with the Schedule K1 form and then file an amendment return in June of 2023 once I receive the K-3 form from the Teucrium Wheat Fund? I also want to mention that on the K-1 form in Part 3 box 16 it says "Schedule K-3 is attached if checked" and the box is checked. Ok any help would be appreciated. Thanks

[redrobin]

left out all of the difficult entries typically seen

[dianegoodson]

Hi Jason. Can you go into detail as to how we post amounts for passive activity losses carried over from last year? Thank You!

[ashishupadyay]

Can you please show how to enter k3 in TurboTax? K3 box is checked, but there is no non US income and no foreign tax exposure.

[mikecarnes]

At about 30:50 on your video, you have the window where TT asks you "We need some information about your Section 199A income". I know where the Business Income (loss) comes from. I think the Section 1231 gain (loss) comes from Box 10, and the Section 179 Deductions comes from the Box 12. The next box "Other Deductions" is not so clear. Where does that information come from? If I use Box 13, I get an error where it tells me I need to revise statement A data. The same goes for the REIT dividends. Where do I get that from? It would be very helpful if you could do an example of a very complicated K-1 such as Energy Transfer Partners. It pays great dividends, but it seems like I'm always fighting Turbotax to get it to show no errors.

[trinhlang]

Hi Jason. Can you be my Tax Prepare for year 2022 please? I got stuck on these PTP investments!

[uberguy]

hey with turbotax there is another part that says "ENTER SALE INFORMATION" "use your schedule K1 and other supporting documents, enter the information below about your sale of Fund => sale price, selling expensse, partnership basis, ordinary gain, 1250 gain, then on the right side => AMT gain or loss, partnership basis, ordinary gain, 1250 didnt see this part in your video

[raulmungia]

Does turbo tax let you input multiple k1's?

[Marender]

Why is "all activity is At-Risk" fine?

[Raj-tzdx]

Can I claim in my tax Hard to borrow fee that paid to the broker, I have Turbo Tax where can i enter?