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Wayne.B

On Mon, 19 Jun 2017 20:55:52 -0400, wrote:

On Mon, 19 Jun 2017 20:27:41 -0400, Wayne.B
wrote:

On Mon, 19 Jun 2017 19:29:37 -0400, wrote:

I got a letter today saying I overpaid $3204.00 on my 2011 return and
they will be sending me a check. I am not sure If I should call them
to see what happened or not. I looked at the return and that number
does not pop out anywhere. The last time this happened they told me
which lines got changed on the 1040. I can't believe there was three
grand in that K1 ;-)
I guess it is better to know than to get a bill in 6 more years.

===

I'd consult with a tax professional. If you have partnership
investments things can get very complicated. It's possible you have
left money on the table in other years.

I know I am leaving money on the table with this K1 but when I
actually run the numbers, it ends up being a few bucks.
I really have to look at that return a little closer but I can't
believe I had that kind of money out of whack. I am not that rich ;-)
I am going to start by asking the IRS folks and see where they came up
with that number. Who knows, maybe I am leaving money on the table I
don't know about.
If this is the partnership, I may have to file some amended returns,
and send Carl Ichan some flowers or something,

===

There may be things like depreciation, interest expenses and/or
depletion allowances hidden in the K1 that you can deduct against
ordinary income. That said, I am not a tax expert.