K1 and 1099-DIV

Forum|Forum|6 years ago
June 5, 2019
2 replies
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I received quarterly preferred distributions in 2018 from Teekay Offshore Partners (Bermuda Based Company). The company issues a K1. My broker is reporting the distributions as Ordinary Qualified Dividends on the 1099-DIV. How do I report this income on my return in Turbotax? Do I fill out K1 only?

TurboTax Premier Online

DawnC0

Employee

Take a close look at the Form 1099-DIV to see what tax identifying number is used for that form.

If it is reported under your personal social security number, then it is for your personal account and should be included on your personal return. Have the broker issue you a corrected form if it is not accurate.

If it is reported under the Federal ID number for Teekay, then it is income for the partnership and should be included on the business return and subsequently, your portion on your K-1.

The dividend income should only be reported on your personal tax return one time. If it has already been included by entering your K-1, then do not enter it again under the dividend income section of your return.

mjackson123Author

The 1099-DIV is reported under my social security number. I reached out to my broker about changing the reporting and received this response: Foreign MLP distributions will be classified as an ordinary dividend and not MLP distributions on your tax forms at Interactive Brokers. Do I ignore the K-1 and just report the 1099-DIV number?

Sara88

This is happening to a client of mine...Info is being double counted from the 1099-DIV onto the 1065 K-1 (a foreign partnership). And yes, the SSN's match for both documents. Did anybody find out the proper way to do this? Do I just ignore the K-1 or will that cause issues for my client? Is there a way to "link" or "match" them in the system so that it's not double counted but still reported?