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Sched K-1 Box 11 Code F from ETF

 
 
sienz
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      03-12-2010, 08:59 AM
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 __________________

Can someone help me with my tax issue?

Appreciated so much

sienz


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Bill Brown
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      03-12-2010, 02:23 PM
On Mar 12, 3:59*am, (E-Mail Removed) (sienz) wrote:
> 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 __________________
>
> Can someone help me with my tax issue?
>
> Appreciated so much
>
> sienz
>

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.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
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DF2
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      03-12-2010, 02:55 PM
In misc.taxes.moderated, sienz wrote:

>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


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 https://www.taxpackagesupport.com/
Log into your partnership. Press TurboTax near the top, and save the
resulting 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 *.txf
file. See if that fills in better info than you entered by hand. It
may well not have, so you could go back to the TurboTax file you
were working on.

I am not a tax pro.

>
>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 __________________
>
>Can someone help me with my tax issue?
>
>Appreciated so much


--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
 
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sienz
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      03-13-2010, 02:34 AM
sienz had written this in response to
http://www.rockryno.com/taxes/Sched-...ETF-26051-.htm
:
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.

-------------------------------------
sienz wrote:




> 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 __________________


> Can someone help me with my tax issue?


> Appreciated so much


> sienz



> -------------------------------------





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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
 
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removeps-groups@yahoo.com
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      03-16-2010, 05:33 AM
On Mar 12, 1:59*am, (E-Mail Removed) (sienz) wrote:

> 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


The instructions for 1065 Schedule K-1 line 11 say

<Quote source="http://www.irs.gov/instructions/i1065sk1/
ch02.html#d0e961">

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...

</Quote>

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.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
 
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