mlp's/brokerage/turbotax. We've had discussions here about such. For me, every year has not gone smoothly with a disconnect between what the brokers report vs what the K-1 reports. Getting better, but still not smooth last year. One broker reported (1099 form) distributions, then issued a retraction (as it should, since the distributions are reported in the K-1 which is entered into turbotax. (Only an accountant or a tax wonk would not use a prepared tax program for mlp's, imo -g-). And if I could recall correctly, another broker reported my mlp sales within all the reported stock sales that get reported to the IRS. That would be double counting, because again, the sales (using adjusted cost basis) are reported though the k-1 into turbotax.
UAN has two plants in two different states. What're the tax implications there - will I have to file state income taxes in those two states? (All my other mlp's are based in TX which has no state income taxes.) Quite possibly, given the size of my UAN position and the distributions I expect. If I do, that will mean more turbotax filing. My bet is it will not be so easy once turbotax starts querying me about the aspects involved in completing those states' requirements.
Perhaps your tax filing experience is or will be much easier and not frustrating at all.
To me, the biggest drawback to having UAN is its mlp structure. |
