BoatBanter.com - View Single Post

amdx[_3_]

On 3/18/2018 7:26 AM, John H. wrote:
On Sat, 17 Mar 2018 19:44:06 -0400, wrote:

On Sat, 17 Mar 2018 18:00:15 -0400, John H.
wrote:

On Sat, 17 Mar 2018 16:36:18 -0400, wrote:

I have not screwed with that K-1 for years. I take the distributions
as ordinary income and the IRS seems to be happy. It may be costing me
some money but the hassle is not worth it. I doubt the extra tax I pay
would cover buying Turbotax. Besides Harry should appreciate me
supporting a good cause, "Uncle Sam", with the money.
I figure if they ever do get around to auditing me over the K-1, they
will owe me money.
Have you ever done a "what if" on Turbotax taking the distribution as
income? Just curious. I stopped buying Turbotax the first year it
screwed up on my K-1. I had a bunch of boxes it never had me entering
and the instructions on the K-1 said I should be doing it. That was
the first year I started just taking it as income.

I've never had a problem with it, other than it being a PITA. I just put the numbers in the boxes TT
tells me to.

I did that for years and it worked great, then one year there were not
enough prompts to get all the information in. I suppose there might
have been an update but things were not on line like they are now.
Like you said, the K-1 comes so late, you have a time constraint
getting the forms in. I was not sure I had time for a mailed out
update.

That caught me last year. The K-1 came about three weeks after I'd filed my Fed and state taxes.
That called for an amendment. Amended the Fed, but forgot to amend the state. A couple months later
I got a nastygram from the state, with a penalty of a couple bucks. Oh well, live and learn.

I have my taxes done by an accountant, a couple years ago I picked
them up with the efile sheet for the wife and I to sign.
I returned the efile sheet, got home and checked the mail box, there was
an amended 1099! I immediately called the accountant, they had already
efiled, I had to do an ammended 1040. I have got ammended 1099s in mid
March a few times.
Now, I don't have my taxes done until later March.

Mikek