HOWTO View Your Schedule K-1s Online And Import Them Into TurboTax

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MLPs offer excellent yields, but if you hate paperwork come tax time, MLPs are not for you. First you have to wait at least till March 15th before filing taxes. That’s the latest you receive your MLP specific tax document called Schedule K-1s. You’ll receive one for each MLP you own and they are sent directly by the partnership firm, not by your broker.

What is a Schedule K-1?

A Schedule K-1 is used to report taxes on Trusts and Estates (IRS form 1041), S corporations (IRS form 1120S) and more commonly, Partnerships (IRS form 1065). This article deals with form 1065 meant for MLPs (Master Limited Partnerships).

When you hold a stock from an MLP, you are deemed a partner, and as a partner, responsible for your share of the taxes. MLPs use Schedule K-1 to report your share of income, gains, losses, credits and deductions.

Since you, the unitholder, pay taxes, MLPs don’t have to pay corporate income tax.

TurboTax and Schedule K-1

As if this extra paperwork isn’t enough pain, MLPs mail you paper copy of Schedule K-1s. Which means, you have to manually enter the numbers from the form into TurboTax or your favorite tax software.

And you have to do this once for each MLP you own!

But, there is a way to view and import your Schedule K-1s into TurboTax without having to enter all those numbers!

How to access Schedule K-1s online or what to do if you did not receive yours

If you did not receive your Schedule K-1s or if they were lost in mail, you can still access your K1s online. Here’s a detailed step-by-step walkthrough on how to do this. (If you are reading this on a RSS reader, you will miss out on the slideshow!):

STEP 1: Goto https://www.taxpackagesupport.comaccess your schedule k1s online

12 thoughts on “HOWTO View Your Schedule K-1s Online And Import Them Into TurboTax

  1. Excellent article. I linked to it on my site. Great info for do-it-yourself investors.

    • Thanks much Robert! I know this post isn’t exactly a conversation piece, but thought might be useful to someone who is new to MLPs or who wasn’t aware that Schedule K1s need not be manually entered into TurboTax.

  2. Great post, MC. We don’t use Turbo Tax, but this type of information keep this issue in the frontal lobe.

    • Thanks 101C! Question, if you don’t mind: What software do you use and how does it handle MLPs?

      I’ve been a loyal TT user, but open to trying out other tax tools. Heard good things about TaxCut, but no idea on how it handles MLPs and RTs

  3. Doesn’t pertain to me, but have to say your How To slideshows are second to none! :)

  4. Ah…Master Limited Partnership. Took me a minute to know what an MLP was!

    Great info, even though it does not apply to me. I am sure you are helping many!

  5. Thanks Moneycone! I’m going to bookmark this post!

    The K-1 part of taxes was a horrible process for me because I manually did it this year. This post will help me next year for sure! I was even thinking about selling my k-1 company and never looking back, but now maybe I’ll stay and dance a bit longer with my k-1 stock! :)

  6. Kinda wish I had an MLP now :) Great guide!

  7. Great Info!!! Thank you for the help.I am sure there will be many people greatful for this guide.

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