WHO TO CONTACT

For Additional Registrations:

-Call Strafford Customer Service 1-800-926-7926 x10 (or 404-881-1141 x10)

For Assistance During the Program:

-On the web, use the chat box at the bottom left of the screen

If you get disconnected during the program, you can simply log in using your original instructions and PIN.

IMPORTANT INFORMATION

This program is approved for 2 CPE credit hours. To earn credit you must:

• Participate in the program on your own computer connection (no sharing) – if you need to register

additional people, please call customer service at 1-800-926-7926 x10 (or 404-881-1141 x10). Strafford

accepts American Express, Visa, MasterCard, Discover.

• Listen on-line via your computer speakers.

• Respond to five prompts during the program plus a single verification code. You will have to write down

only the final verification code on the attestation form, which will be emailed to registered attendees.

• To earn full credit, you must remain connected for the entire program.

Mastering Reporting of Publicly-Traded

Partnership and MLP K-1s on Partners' Returns Navigating Footnotes and Tying Information to the 1040

TUESDAY, JANUARY 19, 2016, 1:00-2:50 pm Eastern

SAMPLE

SAMPLE

SAMPLE

1

2

3

4 Basis schedule in software should agree with basis schedule prepared in Excel. In addition to items in

Instruction # 2, Section 59E expenses and depletion should be manually entered into tax software basis

schedule

K-1 Input instructions

Items marked with "x" should be grouped together and entered in software as one number. See columns

on right of worksheet.

Items marked with "o" are not entered in K-1 input screen. Enter in other section of software input and

add to basis schedule.

All items on Income Reconciliation should be entered in the Excel basis schedule just like they are

entered in the tax software. For example, enter one number for "other Income." Consider linking

numbers from Reconciliation to Basis Schedule

Client Name

Partnership

Passive/Non Passive

Sched E Sched E

Income 4797 Oth Inc Interest Div QD STCG LTCG Royalties

Ordinary bus. income (loss) 1

Net rental RE income (loss) 2

Other rental income (loss) 3

Interest Income 5 -

Dividends (QD) 6 -

Royalties 7 -

STCG/L 8 -

LTCG/L 9a -

Sec. 1231 10

Sec. 1256 11C

Other Income:

Interest Income 1 -

Dividend (non-qual) 1 -

Qual Dividend 1 - -

Trade or Bus Expense 1 -

Other Port Income (loss) 1 -

§988 Gain/ (Loss) 11A -

Portfolio Income 11A -

Cancellation of Debt (Line 21, p1) 11E

Interest Income 11F -

Dividend (non-qual) 11F -

Qual Dividend 11F - -

Ordinary Income/ (loss) 11F -

Net SWAP Income/(Loss) 11F -

Trade or Bus Expense 11F -

§988 Gain/ (Loss) 11F -

Other Inc. Line 21, page 1 1040 11F

STCG/L 11F -

LTCG/L 11F -

§475(F) Gain/(loss) 11F -

Ordinary Income 11F -

Other Income 11F -

§1296 Gain/Loss 11F -

- -

-

Deductions

Investment Interest Exp 13H

Royalty Deductions 13I -

Sec. 59(e)(2) deduction 13J -

Portfolio Subject 2% 13K

Other Deductions 13W -

Foreign Taxes

-

Total Income per K-1 -

Tax Exempt Inc 18A -

Non Deductible Exp 18C

Depletion Exp. 20T

US Tax Withheld

Total Basis Adjustment -

- - - - - - - -

Investment Interest Schedule A

Investment Interest Schedule E -

Interest -

UST

-

Red numbers enter from K-1

Beginning Tax Basis Black numbers are formulas

Contributions - Highlighted are entered into Lacerte

Current Year Activity -

Other Tax Exempt Income -

Tax Exempt Interest

Depletion Exp.

Other Tax Exempt Expenses

COD

NI from Passive Activity -

Distributions

Ending Basis -

2014

1/18/2016

Client Name

Partnership

Passive/Non Passive Passive

Non-

Passive

Income Net K-1 4797

Ordinary bus. income (loss) 1 -

Net rental RE income (loss) 2 -

Other rental income (loss) 3 -

Interest Income 5 - -

Dividends (QD) 6 - -

Royalties 7 -

STCG/L 8 - -

LTCG/L 9a - -

Sec. 1231 10 -

Sec. 1256 11C - -

Other Income: - -

Interest Income 1 - -

Dividend (non-qual) 1 -

Qual Dividend 1 -

Trade or Bus Expense 1 -

Other Port Income (loss) 1 -

§988 Gain/ (Loss) 11A - -

Portfolio Income 11A -

Cancellation of Debt (Line21) 11E -

Interest Income 11F -

Dividend (non-qual) 11F -

Qual Dividend 11F - -

Ordinary Income/ (loss) 11F -

Net SWAP Income/(Loss) 11F - - -

Trade or Bus Expense 11F - -

§988 Gain/ (Loss) 11F - -

Other Inc. Line 21, page 1 1040 11F -

STCG/L 11F - -

LTCG/L 11F - -

§475(F) Gain/(loss) 11F - - -

Ordinary Income 11F - -

Other Income 11F -

§1296 Gain/Loss 11F - -

- - -

Total Income - - -

Deductions - -

Investment Interest Exp 13H -

Royalty Deductions 13I -

Sec. 59(e)(2) deduction 13J -

2014

Portfolio Subject 2% 13K -

Other Deductions 13W - -

Foreign Taxes - -

Total deductions - - -

Total Income per K-1 - - -

Tax Exempt Inc 18A

Non Deductible Exp 18C

Depletion Exp. 20T

US Tax Withheld

Total Basis Adjustment - - -

-

Investment Interest Schedule A

Investment Interest Schedule E

Total Interest -

UST

Other Interest -

Beginning Tax Basis

Contributions -

Current Year Activity -

Other Tax Exempt Income -

Tax Exempt Interest

Depletion Exp.

Other Tax Exempt Expenses

COD

NI from Passive Activity -

Distributions

Ending Basis -

Sched E Sched E

Oth Inc Interest Div QD STCG LTCG Royalties

-

-

-

-

-

-

-

- -

-

-

-

-

-

- -

-

-

-

-

-

-

-

-

-

-

- - - - - - -

-

Red numbers enter from K-1

Black numbers are formulas

Highlighted are entered into Lacerte