Form 1065 Alphabet Soup guideline resource?

[Ringers]

This year I'm sure we all have done at least one MLP 1065 K-1 from places like Energy Transfer Partners, Blackstone, etc. where the Schedle K-1 is marked "DO NOT USE-SEE SUPPLEMENTAL SCHEDULE" which makes the single K-1 become 4 or 5 K-1's, each with 85 line items.  When it gets down to the codes v, t, x, and z, some of these K-1's have 6 lines with different descriptions labeled V1, V2,V3,...V6, etc.  Has anyone come across a good index to all of these line items stating where they end up on the tax returns and if some of the codes are just pertinent to corporate filers, IRA custodians, etc?   I would like not to have to enter any items that do not apply to the return at hand but also know what impact each of these obscure items has on the individual return without googling each descriptor.
The general instructions on the back of the K-1 forms are too generic to be of much use.

etp.pdf

Edited April 7, 2018 by Ringers
typos

[Randall]

I ignore the entries that relate to the Domestic production.  Yes, one K1 turns into 3.  Sheesh.

 

[Evan S. Golar]

That's why it's continually referred to as "Tax Simplification"

[Lion EA]

If you get a booklet of instructions or the large fold-out sheet/poster of instructions from one of your clients' PTP, keep it.  They spell out all the details.  You can go in your own software to a partnership or a sample partnership, and force it to print the complete directions.  And, I'm sure you can get a complete set online someplace.  I prefer the booklet plus "poster" as my reference guides, compact and not my printer/toner.  You could try a site such as TaxPackageSupport.com

[jklcpa]

8 minutes ago, Lion EA said:

TaxPackageSupport.com

 

I looked at that too and it requires a log in.    Why do they not at least put the generic instructions for their form out for us so that we can start to decifer this ship?!

[Lion EA]

I haven't had my PTP clients arrive yet, but if I remember correctly (not better than a 50/50 chance this late in the season) I was able to log-in as me/my name/my email, probably to retrieve K-1s for clients using their names/EINs.  I did receive emails that a couple of the K-1s are ready now.

One new client last year invested in one or more PTPs with his broker's advice.  He was smart enough to see that they do not fit his plans and sold them all.  Dealt with that on his 2016 returns.  2017 had no new ones.  I gave him a nice discount this year!

Don't show your clients the TaxPackageSupport.com site, because it has had the ability to download into TurboTax.

[jklcpa]

Thanks for that tip, Lion.  I have only one and it's next on the list to work on.

[Abby Normal]

I only break a K1 into two or three when they have amounts in more than one of boxes 1, 2 and 3. And this is because ATX warns me those different types of income have to be calculated separately.

The amounts on other lines are always too small to make a difference.

As for box 20, the only ones that matter are A and B.

Code V is only important when the K1 is owned in an IRA. If it's over a certain amount, it can cause tax or penalty or something.

[TAXMAN]

How many of all those states list do you actually prepare non resident returns in. I new one cpa said if the gross was positive and more than $50.00 he would do the extra states. I guess to jack up his fees.

[Margaret CPA in OH]

This just came out from AICPA, Tax Adviser: https://www.thetaxadviser.com/issues/2018/apr/reporting-publicly-traded-partnership-ordinary-income.html

I don't know if it would be of any help but looked pretty thorough.