Sched K-1 Box 11 Code F from ETF

Discussion in 'Tax' started by sienz, Mar 12, 2010.

  1. sienz

    sienz Guest

    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, Mar 12, 2010
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  2. sienz

    Bill Brown Guest

    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.
    Bill Brown, Mar 12, 2010
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  3. sienz

    DF2 Guest

    That sounds like an "Other" to me. So which "Other" would be the

    With your K-1, they probably included a sheet that tells what goes

    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
    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.
    DF2, Mar 12, 2010
  4. sienz

    sienz Guest

    sienz had written this in response to
    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:

    sienz, Mar 13, 2010
  5. The instructions for 1065 Schedule K-1 line 11 say

    <Quote source="

    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

    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.
    removeps-groups, Mar 16, 2010
  6. sienz

    Coburn C. Walton

    Mar 14, 2015
    Likes Received:
    The instructions I received with my Schedule 1065 (K-1) Line Item Description for Box 11 F1: Hedge Income indicates to report as Nonpassive Income on Schedule E, Part II, Line 28 of Form 1040. My TurboTax Home & Business software allowed me to plug the values in and transferred the numbers as needed.
    Coburn C. Walton, Mar 14, 2015
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