like how long does it take to do? can i do it myself with turbo tax. many tanks
What do you mean? You received a K1 and don’t know what to do with it?
i will for this year. yea i dont know how to file, but i know i can learn, just want to know if its time intensive as i have never done it
It’s not that difficult. I can probably explain it in less than 100 steps.
You need to enter all the info on Box 1 on Sch. E Page 2, but make sure that you’re appropriately putting it in the right column, because the information also flows to Form 8582 depending on your passive income and losses. (Oh yeah–you need to keep track of passive income and losses for future carryovers, too.)
Box 2 will also go on Schedule E page 2, but it’s not subject to SE tax which may (or may not be reported in Box 14) on Schedule SE. Again–make sure it’s in the right column. (There are only four columns to choose from.)
Box 3 also goes on Sch. E Page 2. (ditto all the above, but it is considered to be passive, by default, whereas you have a choice on the other two, subject to the passive activity rules)
Box 4 - also goes on Sch. E pg 2, but is (by definition) considered nonpassive.
Box 5, 6a, and 6b all go on Sch. B, but make sure that you appropriately classify the Qualified portion of the dividends to take advantage of the lower tax rate.
Box 7 goes on Sch. E Page 1.
Box 8, 9, and 10 is all basically the same information that’s reported on 1099-Div and 1099-B. They will go on Sch. D, the 8949, or the 4797, and will be subject to lower tax rates (possibly) and capital loss carryovers.
Wow. We’re like…almost 10% of the way done. Would you like me to go on? Or just take your stuff to a qualified tax preparer who will save you time and headache?
aint turbo tax got a program for this thats automatic. i hear turbo tax premier is able to file k-1s. lets be real filing taxes easy af with the right program.
They might. I really don’t know, because I’ve never used Turbotax. I know that they’re owned by Intuit, who has some pretty sophisticated tax software, so they at least have the knowledge and infrastructure to do it.
Yes–filing taxes is easy. Throw some numbers in, hope they’re right, and hit the “submit” button. That’s like saying, “Investing is easy. Throw some darts at the Wall Street Journal, and buy those companies you land on.” That works, but is it optimal?
Understanding taxes is not easy. And if you don’t have any strategy, or if you don’t understand what you’re doing, you could be giving a lot of money to Uncle Sam–and once it’s gone, it’s highly unlikely that you’ll ever get it back.
So again–I strongly recommend seeing a professional. If nothing else, the peace of mind and lack of stress should make him worth it.
maybe for the wealthy. for me its pretty simple. i do about 6 to 7 tax returns per year for free to my family and now my fiance’s family. 3 require itemized cuz they own re with large mortgage balances. 4 are simple. but almost all of them are just picking low hanging fruits as they are only w-2’s. not much you can do with those nowadays. the most complex one has a side gig producing 20k to 50k in income, and i shove almsot all of it in a solo 401k.
i mean i can get more complex with it such as forming an s corp llc to lower fica. but until he generates more inc with it. i really see no point plus i fully offset already.
anywyas personally i enjoy learning about taxes. in a typical budget it is one of the 3 highest cost. so im laser focused on figuring out how to minimize it. k-1’s are just new to me since i only recently qualified as an acc investor, and markets are expensive so repe is the only way to make money right now.
So you’ve been posting on here for years without having income of at least $200k or a net worth of $1m (not including primary residence)? You need to GTFO, because you’re not worthy of AF.
Also required for membership: sub-18 5k time, 6’ or taller with BMI less than 10.
Are there allowances for COVID?
Real AF’ers don’t get COVID due to their naturally superior bodies and correspondingly superhuman immune systems. It naturally follows that they don’t get vaccinated, either.
rofl greenie ftw.
Sorry gents, I’ll see myself out.
I would argue that these membership requirements have gotten way too lax in recent years.