WHO TO CONTACT For Additional Registrations: -Call Strafford Customer Service 1-800-926-7926 x10 (or 404-881-1141 x10) For Assistance During the Program: -On the web, use the chat box at the bottom left of the screen If you get disconnected during the program, you can simply log in using your original instructions and PIN. IMPORTANT INFORMATION This program is approved for 2 CPE credit hours. To earn credit you must: • Participate in the program on your own computer connection (no sharing) – if you need to register additional people, please call customer service at 1-800-926-7926 x10 (or 404-881-1141 x10). Strafford accepts American Express, Visa, MasterCard, Discover. • Listen on-line via your computer speakers. • Respond to five prompts during the program plus a single verification code. You will have to write down only the final verification code on the attestation form, which will be emailed to registered attendees. • To earn full credit, you must remain connected for the entire program. Mastering Reporting of Publicly-Traded Partnership and MLP K-1s on Partners' Returns Navigating Footnotes and Tying Information to the 1040 TUESDAY, JANUARY 19, 2016, 1:00-2:50 pm Eastern
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Transcript
WHO TO CONTACT
For Additional Registrations:
-Call Strafford Customer Service 1-800-926-7926 x10 (or 404-881-1141 x10)
For Assistance During the Program:
-On the web, use the chat box at the bottom left of the screen
If you get disconnected during the program, you can simply log in using your original instructions and PIN.
IMPORTANT INFORMATION
This program is approved for 2 CPE credit hours. To earn credit you must:
• Participate in the program on your own computer connection (no sharing) – if you need to register
additional people, please call customer service at 1-800-926-7926 x10 (or 404-881-1141 x10). Strafford
accepts American Express, Visa, MasterCard, Discover.
• Listen on-line via your computer speakers.
• Respond to five prompts during the program plus a single verification code. You will have to write down
only the final verification code on the attestation form, which will be emailed to registered attendees.
• To earn full credit, you must remain connected for the entire program.
Mastering Reporting of Publicly-Traded
Partnership and MLP K-1s on Partners' Returns Navigating Footnotes and Tying Information to the 1040
TUESDAY, JANUARY 19, 2016, 1:00-2:50 pm Eastern
SAMPLE
SAMPLE
SAMPLE
1
2
3
4 Basis schedule in software should agree with basis schedule prepared in Excel. In addition to items in
Instruction # 2, Section 59E expenses and depletion should be manually entered into tax software basis
schedule
K-1 Input instructions
Items marked with "x" should be grouped together and entered in software as one number. See columns
on right of worksheet.
Items marked with "o" are not entered in K-1 input screen. Enter in other section of software input and
add to basis schedule.
All items on Income Reconciliation should be entered in the Excel basis schedule just like they are
entered in the tax software. For example, enter one number for "other Income." Consider linking
numbers from Reconciliation to Basis Schedule
Client Name
Partnership
Passive/Non Passive
Sched E Sched E
Income 4797 Oth Inc Interest Div QD STCG LTCG Royalties
Ordinary bus. income (loss) 1
Net rental RE income (loss) 2
Other rental income (loss) 3
Interest Income 5 -
Dividends (QD) 6 -
Royalties 7 -
STCG/L 8 -
LTCG/L 9a -
Sec. 1231 10
Sec. 1256 11C
Other Income:
Interest Income 1 -
Dividend (non-qual) 1 -
Qual Dividend 1 - -
Trade or Bus Expense 1 -
Other Port Income (loss) 1 -
§988 Gain/ (Loss) 11A -
Portfolio Income 11A -
Cancellation of Debt (Line 21, p1) 11E
Interest Income 11F -
Dividend (non-qual) 11F -
Qual Dividend 11F - -
Ordinary Income/ (loss) 11F -
Net SWAP Income/(Loss) 11F -
Trade or Bus Expense 11F -
§988 Gain/ (Loss) 11F -
Other Inc. Line 21, page 1 1040 11F
STCG/L 11F -
LTCG/L 11F -
§475(F) Gain/(loss) 11F -
Ordinary Income 11F -
Other Income 11F -
§1296 Gain/Loss 11F -
- -
-
Deductions
Investment Interest Exp 13H
Royalty Deductions 13I -
Sec. 59(e)(2) deduction 13J -
Portfolio Subject 2% 13K
Other Deductions 13W -
Foreign Taxes
-
Total Income per K-1 -
Tax Exempt Inc 18A -
Non Deductible Exp 18C
Depletion Exp. 20T
US Tax Withheld
Total Basis Adjustment -
- - - - - - - -
Investment Interest Schedule A
Investment Interest Schedule E -
Interest -
UST
-
Red numbers enter from K-1
Beginning Tax Basis Black numbers are formulas
Contributions - Highlighted are entered into Lacerte