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Sunday, March 13, 2011

How to Get Master Limited Partnership K-1s Online and into TurboTax

Are you willing to go through a little extra effort to get more yield and defer taxes in today's low yield environment? The Master Limited Partnerships (MLPs) may be the investment you are looking for - especially in taxable accounts because of the tax deferral feature of MLPs. A major issue for many investors has been the late reporting of the K-1 forms received from the company in the mail - usually received in late February or early March, at which point the taxable income had to be entered by hand to do taxes.

MoneyCone has produced an excellent write-up and slide show, "HOWTO View Your Schedule K-1s Online and Import Them Into TurboTax," showing both how to get the K-1 online and how to import it into TurboTax. This very well could be what is needed to expand the participation in this sector of the market to more do-it-yourself investors.

For those interested in a good introduction to the tax implications of MLPs, see "Discover Master Limited Partnerships" by Nathaniel Riley. It is worth noting that there are now also ETFs available to participate in the MLP market.

Disclosure:  This information is for educational purposes only. Individuals should do their own research and consult a tax advisor and investment advisor before making investment decisions.
Posted by Robert Wasilewski at 9:16 AM
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3 comments:

  1. MoneyConeMarch 13, 2011 at 9:57 AM

    Thanks so much Robert! You always say the kindest things!

    ReplyDelete
  2. DIY InvestorMarch 13, 2011 at 10:57 AM

    re: MoneyCone You're welcome. I tend to get a migraine whenever people ask me about MLPs, so anything that simplifies is greatly appreciative.

    ReplyDelete
  3. UnknownJanuary 29, 2013 at 5:38 AM

    MLP ETF offers exposure to the Solactive MLP Composite Index, which is designed to give investors a means of tracking the overall performance of the United States master limited partnerships (MLP) asset class. MLPA is comprised of 30 MLPs engaged in the transportation, storage, processing, refining, marketing, exploration, production and mining of natural resources

    ReplyDelete

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