How do I enter the two K1s I received for the same MLP units when these units were transferred from an old to a new taxable acct? How do I carry forward passive loss?

Forum|Forum|7 years ago
June 1, 2019
1 reply
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I transferred my MLP units from an old taxable account to a new taxable account and received 2 K1s as the result.

1) How do I enter there 2 K1s? Separately or there is a way to combine them and enter the results once?

2) Since the K1 for the old account is the final K1 I received for that account do I need to do some sort of close out for that account?

3) How do I go about carry forward passive loss I have accumulated in the old account to the new account?

Thank you

TurboTax Premier iOS

Best answer by nexchap

If all you did was transfer the units, you should be able to simply add the numbers on the two K-1s together and enter them into TT as though you received a single K-1. Within TT, you could do that by using the "Add Supporting Details" option on each entry, and then enter the two numbers there (I like doing it that way as it makes double-checking things easier).

N

nexchapAnswer

If all you did was transfer the units, you should be able to simply add the numbers on the two K-1s together and enter them into TT as though you received a single K-1. Within TT, you could do that by using the "Add Supporting Details" option on each entry, and then enter the two numbers there (I like doing it that way as it makes double-checking things easier).

**Say "Thanks" by clicking the thumb icon in a post**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user. Use any advice accordingly!