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Mastering Reporting of Publicly Traded Partnership and MLP K-1s on Partners' Returns

Navigating Footnotes and Tying Information to the 1040

A live 110-minute CPE webinar with interactive Q&A

This program is included with the Strafford CPE Pass. Click for more information.
This program is included with the Strafford CPE+ Pass. Click for more information.
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Monday, June 16, 2025

1:00pm-2:50pm EDT, 10:00am-11:50am PDT

Early Registration Discount Deadline, Friday, May 23, 2025

or call 1-800-926-7926
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This webinar will provide tax advisers and professionals with tools and practical knowledge to reconcile complex Schedule K-1s for publicly traded partnerships (PTPs) and master limited partnerships (MLPs), using sample K-1 information from complex oil and gas partnership footnotes and disclosures as an example. The panel will offer guidance on translating reportable information onto the partner's Form 1040, preparing basis schedules, and reporting at-risk and passive loss limitations.

Description

For most K-1s received by taxpayers, reporting the pass-through items of income and loss is relatively straightforward. However, for many oil and gas PTPs and MLPs, the K-1 often requires the tax preparer to compile complex reconciliation schedules before transferring the information reported onto the partner's income tax return.

A Schedule K-1 from an oil and gas partnership can easily exceed 50 pages or more. These K-1s have important tax reporting information in the extensive footnotes following the standard page 1 boxes listing income, deductions, credits, and distributions. To allocate and report items on the client's tax return, tax professionals must use information from the footnotes.

Schedule K-1s from PTPs and MLPs also present challenges to tax preparers in reporting the client's basis and at-risk amounts in the investment. Tax professionals must review the K-1 and footnotes to prepare and maintain accurate basis schedules, at-risk amount calculations, and capital accounts.

Listen as our experienced panel provides detailed and practical guidance to help tax professionals correctly reconcile tax information from these complex K-1 schedules and accurately report the information onto the tax return.

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Outline

  1. The law and regulations, including recent developments
  2. Review of Schedule K-1 data, including crucial footnote information
  3. Required combinations and allocations
  4. Gain/loss reporting for assets sold by the partnership
  5. How to tie reconciliation schedules to Schedule K-1 to tax return
  6. Basis schedule, capital accounts, and at-risk amounts
  7. Oil and gas items

Benefits

The panel will review these and other critical topics:

  • The law and current regulations
  • Understanding K-1 footnotes to determine items such as passive vs. non-passive income, as well as dispositions
  • Knowing when a K-1 requires the tax preparer to enter info in return areas other than Sch. E pg. 2
  • Reporting the information found in reconciliation schedules onto the partner's income tax return
  • Calculating basis on capital assets sold within a partnership to correctly report gain or loss on Form 8949
  • Preparing and maintaining a basis schedule for the partnership investment

Faculty

Kucera, S. Kathryn
S. Kathryn Kucera
Owner
S Kathryn Kucera, CPA

Ms. Kucera focuses on individual income tax returns that are complex and data-intensive. She prepares most types of tax...  |  Read More

Lovett, Brian
Brian T. Lovett, CPA, JD
Partner
Withum Smith+Brown

Mr. Lovett has extensive experience serving the tax needs of both public companies and closely-held businesses,...  |  Read More

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