Last year, I bought 'units' in a couple of MLP 'Publicly Traded Partnerships'. I've gotten K-1s from them, showing basically passive losses. Via
My problem is, I'm using TaxCut (Deluxe), which doesn't support PTPs. (As in, where you check "PTP" on TaxCut's K-1 form, it says "you'll need to perform special calculations that we don't cover ...".) If you check the PTP box and fill in the rest of the form, it posts the numbers to what appear to be quite wrong places. In particular, I find the passive loss on Sch E Part II (line 28), where it is applied against income from other sources.
I can override these posted numbers in TaxCut. But, at least in the past, TaxCut would not let you e-file with overrides. That would leave the option of pre-bending the K-1 numbers, so as to get the right (?) numbers on the higher forms. That seems like a bad idea.
So, my question: is there a 'retail' tax program that does this right? I've gotten the impression that TurboTax might do so. But, I thought it would be easier to ask, before getting it and finding out that it didn't.
Or anything else?
Thank you, George