K1 never seen this

[ljwalters]

K1 has, in box 13 other deduction, the word statement instead of an amount. The statement has several codes and about 20 different numbers and 2 different countries listed. Do I need to put these numbers in and how would I do that.

[kcjenkins]

Look at the K-1 in a 1065 return, and look at the tabs, for one labeled Codes. Print out that page, because it's really useful, it will tell you where each item goes on the return

[Catherine]

Not necessarily. I have one of those this year, too -- and the codes given on the "statement" page do NOT coincide with the codes listed for K-1's in The Tax Book or anywhere else. Some of the codes the statement gives don't even exist! I had to look at the descriptions given and do my best to puzzle it out.

Catherine

[kcjenkins]

Ugh! That's a pain.

[joanmcq]

Make the client give you the statement. I have a client that had an oil/gas PTP, and it was a nightmare with all of the crap on the statement. Thank god she sold it in 2013 so I only have to deal with it one more time.

[grandmabee]

you can also go online. most of these have websites with all the K-1 details and Instruction. Usually a flow chart. Just Google the name of the partnership.

[Catherine]

you can also go online. most of these have websites with all the K-1 details and Instruction. Usually a flow chart. Just Google the name of the partnership.

Oh, that's a good one; thank you!

[Kea]

@joanmcq - If you think you've had fun dealing with the PCPs each year, just wait until you deal with the 2013 sale. (I did several last year when client finally sold all of them.) Oh, the states that cropped up that hadn't been an issue in prior years. Losses for each year that had business and / or capital gains from the sales.

[Lion EA]

https://www.taxpackagesupport.com/(S(zesuff550mxc5fv0xnp2ll45))/k1SupportHome.aspx

[Kea]

That's an excellent website Lion. (I thought of that earlier, but had blanked on the name.)

[Catherine]

Thank you, Lion! I just ran into another one last night; two partnerships with items on the K-1 several of whose codes do NOT exist in the official IRS code listings.

20-Z -- who ever heard of 20-Z? Not just that, but 20-Z1, 20-Z2, up to 20-Z17. Yes, 17. Plus several more similar in 13, and 17; code letters that don't exist, with multiple entries each. Ack!

[Lion EA]

I hate PTPs. I have yet to start my PTP investors' returns. I did lose one this year with lots and lots of them, and even though it was an expensive return for many reasons, I'm not so sorry to see him go. Plus, he's a lawyer. At this point, I'm still keeping his mother's return and one of his daughter's. But, even if I end up losing the whole family next year, it'll free up so much time for new clients without his dozens of late-arriving K-1s with mystery data.

[Kea]

Agreed. And you spend so much time researching mystery codes only to find out they really don't apply to your client anyway. Then when you see a specific mystery code the next year, you have to research again because you don't remember why it didn't apply last year! Aggravating.

[Crank]

Make the client give you the statement. I have a client that had an oil/gas PTP, and it was a nightmare with all of the crap on the statement. Thank god she sold it in 2013 so I only have to deal with it one more time.

I have one of those and to add to the nightmare it has with holdings in several states

[joanmcq]

Well, I'm thanking god her investment was small enough there's no other state exposure....still waiting for KKRs 'late March' k-1 to arrive.

[Catherine]

Lucky for me my PTP clients all have small holdings; none of the "other state" info is within an order of magnitude of crossing the filing thresholds. Phew!

[joanmcq]

I'm now getting in k1s for a deceased client whose fiancée is attempting to get the final return done. The second PTP so far, but since they seem to have been bought in 2013 & then liquidated the same year, there doesn't seem to be much on them. I pray for basis statements though.

[Kea]

Were they liquidated before or after death? If after, you'll need 2 separate K1s to allocate each box to before and after DOD. Client made one phone call to PTP and got revised K1s e-mailed very quickly (same day?). PTPs include basis info in their paperwork. Make sure client asks them to use the stepped-up basis on the 2nd K1 (after DOD).