How to file your taxes with TurboTax?
In this video, I cover how to enter a Schedule K-1 from a publicly traded partnership (PTP) investment for an individual taxpayer.
PTPs are publicly traded securities, but the entity itself is not subject to taxes. The owners of the PTP (i.e., shareholders) receive a Schedule K-1 and report the income & expenses on their tax returns.
PTP K-1s can be quite complex with a lot of information and footnotes. It is important to completely review your Schedule K-1 and capture all of the information that applies to your circumstances. Very often, the K-1 will include information that is irrelevant to your situation.
Did you sell your PTP investment during the year? View our video here on the relevant gain/loss adjustments:
For other TurboTax 2022 tutorials videos, please see the following playlist:
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DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. This description includes links to affiliates. I may earn a commission or referral bonus if you use these links to purchase products or services from the providers. Thank you.
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