Sale of Publicly Traded Partnership

[DonnaA]

How do you enter the sale of a Publicly Traded Partnership in the program? Part of the gain goes to 4797, and part to Sch D. I called ATX Customer Service, and they told me to call the IRS. This is a Program question, not a Tax question. I know what the numbers are, and where they should end up on the return, but can't figure out how to get there.

[JRS]

How do you enter the sale of a Publicly Traded Partnership in the program? Part of the gain goes to 4797, and part to Sch D. I called ATX Customer Service, and they told me to call the IRS. This is a Program question, not a Tax question. I know what the numbers are, and where they should end up on the return, but can't figure out how to get there.

On the K-1 input sheet: I use Section 11, the last item, ordinary gain. It links to the 4797 in the proper place. For the cap gain/loss I use line 9(a). Until I figured this out a few years ago, I just overrided the entries.

[TAXBILLY]

How do you enter the sale of a Publicly Traded Partnership in the program? Part of the gain goes to 4797, and part to Sch D. I called ATX Customer Service, and they told me to call the IRS. This is a Program question, not a Tax question. I know what the numbers are, and where they should end up on the return, but can't figure out how to get there.

Add the K-1 Form 1065 Worksheet to the return.

Enter the Name, and FEIN

Check the Publicly Traded Partnership line.

Enter your figures from the K-1 on their proper lines.

The program will pull in any form necessary.

No need to override.

Interest and dividends will be taxable and go to the proper forms.

If the other figures netted result in a loss you will not be able to take it until a year in which you have a gain.

Form 8582 will keep track of it for you.

taxbilly

[JRS]

"Form 8582 will keep track of it for you."

PTP's aren't tracked on 8582. They are tracked by their own worksheets, linked to the 1065 (K-1) input sheet. See the tabs on the bottom of the input sheet.

[DonnaA]

On the K-1 input sheet: I use Section 11, the last item, ordinary gain. It links to the 4797 in the proper place. For the cap gain/loss I use line 9(a). Until I figured this out a few years ago, I just overrided the entries.

I knew I would get an answer on this forum. Don't know why I bothered to call ATX.

Thanks a lot.