I am using Turbo Tax and I need help filing Sched K-1 Box 11 Code F from UNG. Turbo Tax has the exact field for everything except this one.
In my Sched K-1 Box 11, I have Code C and F. In the supplement information, it states 11F1 OTHER INCOME (LOSS) -222
There are sine note under it and one of the note state: Other Income, Box
11, Code F ? Net Ordinary Income (Loss) From Swaps
In Turbo Tax I have these choices:
Enter Code F Detail Fill in any of the following detail information regarding the -$222 you entered on box 11, for Code F.
Recoveries (Bad Debt, Prior Tax, etc.) _________________ Section 751(b) Gain or Loss (Reported on Form 4797) _________________ Short-Term Capital Gain not Portfolio Income __________________ Long-Term Capital Gain not Portfolio Income __________________
Other Non-Passive Income to be Reported on Page 2 of Schedule E Enter Description __________________ Enter Amount __________________
Other Description Enter Below (Amounts entered here may also need to be entered elsewhere in TurboTax. Enter Description __________________ Enter Amount __________________
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Please don't take this as a personal slam. If you cannot figure out what you're supposed to enter in the various blanks Turbotax offers you then you should seriously consider having a paid tax professional (CPA or EA) do your tax returns.
That sounds like an "Other" to me. So which "Other" would be the question.
With your K-1, they probably included a sheet that tells what goes where.
I would suspect that this loss was included in box 1 amount, so the second Other would be the choice. But I don't know. Posting onto the Yahoo forum for the particular PTP might give info from somebody with your particular PTP. Also, don't be afraid to call the partnership. Then post what you found out for others.
Consider this: go to
formatting link
into your partnership. Press TurboTax near the top, and save theresulting file as a *.txf file. Make a copy of your Turbotax file.Delete the K-1 that you hand-entered for that PTP. Import the *.txffile. See if that fills in better info than you entered by hand. Itmay well not have, so you could go back to the TurboTax file youwere working on.
: Bill, Thank you for your advise, Yes, I am considering hiring CPA but this is the only piece that I need to enter and I am researcing it before hiring CPA. this Schedule K-1 is very straight forward box to box at Turbo Tax but the Not 11F has to be enter manually and it gave me that option to give detail info on Box 11F.
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The instructions for 1065 Schedule K-1 line 11 say
Code F. Other income (loss). Amounts with code F are other items of income, gain, or loss not included in boxes 1 through 10 or reported in box 11 using codes A through E. The partnership should give you a description and the amount of your share for each of these items.
Report loss items that are passive activity amounts to you following the Instructions for Form 8582. However, if the box in item D is checked, report the loss following the rules for Publicly traded partnerships on page 4.
Code F items may include the following.
Gain or loss attributable to the sale or exchange of qualified preferred stock of the Federal National Mortgage Association (Fannie Mae) and ...
Partnership gains from the disposition of farm recapture property ...
Income from recoveries of tax benefit items. ...
Gambling gains and losses...
Gain (loss) from the disposition of an interest in oil, gas, geothermal, or other mineral properties. ...
Any income, gain, or loss to the partnership under section
751(b) (certain distributions treated as sales or exchanges). Report this amount on Form 4797, line 10.
Specially allocated ordinary gain (loss). Report this amount on Form 4797, line 10.
Net short-term capital gain (loss) and net long-term capital gain (loss) from Schedule D (Form 1065) that is not portfolio income. An example is gain or loss from the disposition of nondepreciable personal property used in a trade or business activity of the partnership. Report total net short-term gain (loss) on Schedule D (Form 1040), line 5. Report the total net long-term gain (loss) on Schedule D (Form 1040), line 12.
Current year section 108(i) cancellation of debt (COD) income. ...
Gain from the sale or exchange of qualified small business (QSB) stock ...
Gain eligible for section 1045 rollover...
I'm wondering if swaps sound like the 6th item (Any income, gain, or loss to the partnership under section 751(b) (certain distributions treated as sales or exchanges -- report this amount on Form 4797, line
10). But line 10 asks for description of item sold, date acquired, date sold, depreciation, improvements for the items, in this case the swap.
For that matter, if you report the income on Line 21 (Other Income) as a negative value, it would probably have the same effect on your AGI and tax.
But I'm not really sure what to do -- just starting some conversation.
The page also says that UNG is covered by 1.469-1T(e)(6), which says that it is not considered a passive activity? So would the loss on line 1 be allowed, or is it suspended till there is a profit? Since this is a publicly traded partnership, my tax program refuses to allow the loss (even if the activity is not considered passive), but if the K-1 is from a private partnership then the loss is allowed.
Anyway, the loss is so small -- so just carry it over to next year as the rules of PTP require (as opposed to 1.469-1T(e)(6)), when tax rates will be higher.
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