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Re: MLP UBTI - Same Units but different UBTI in IRA/Broker A

I am sorry I didn't make it clear but the units in the brokerage account and the units in the IRA account were purchased in different months in 2009. Then they will be different. I don't own individual MLPs, but I did look into this and what you're describing is par for the course. I'm sticking to ...
by vexed
Thu Feb 20, 2014 10:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: MLP UBTI - Same Units but different UBTI in IRA/Broker Accts
Replies: 10
Views: 546

Re: MLP UBTI - Same Units but different UBTI in IRA/Broker A

I just reviewed Line 20V on two K-1's issued by the same partnership but held in different accounts. The first K-1 is for 300 units and is held in a brokerage account. The other is for 600 units and is held in a traditional IRA. Line 20V for the units held in the brokerage account lists a UBTI of $...
by vexed
Thu Feb 20, 2014 8:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: MLP UBTI - Same Units but different UBTI in IRA/Broker Accts
Replies: 10
Views: 546

MLP UBTI - Same Units but different UBTI in IRA/Broker Accts

I just reviewed Line 20V on two K-1's issued by the same partnership but held in different accounts. The first K-1 is for 300 units and is held in a brokerage account. The other is for 600 units and is held in a traditional IRA. Line 20V for the units held in the brokerage account lists a UBTI of $-...
by vexed
Wed Feb 19, 2014 10:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: MLP UBTI - Same Units but different UBTI in IRA/Broker Accts
Replies: 10
Views: 546

MLP Cost Basis Calculations

I started a topic yesterday but it really went in a direction that was not particularly responsive to the assistance I was seeking. So, I am making another attempt here... First, I am not looking to sell my MLPs. I want to learn how to calculate when all of my cost basis has been returned to me and ...
by vexed
Sun Feb 02, 2014 10:57 pm
 
Forum: Investing - Help with Personal Investments
Topic: MLP Cost Basis Calculations
Replies: 1
Views: 381

Re: MLP-Which K-1 Boxes are used to adjust the cost basis?

The K1 will show your adjusted cost basis in the box labeled "Partners Capital Account" each year. The only kicker is the amount of ordinary income that you report on a sale. There's no easy way to determine that ahead of time. Am I correct that when the Partners Capital Account reaches z...
by vexed
Fri Jan 31, 2014 11:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: MLP-Which K-1 Boxes are used to adjust the cost basis?
Replies: 14
Views: 1018

MLP-Which K-1 Boxes are used to adjust the cost basis?

I have resurrected this post from the past (sorry, I don't know how to properly "quote" it) because I need clarification on the K-1 numbers used to adjust the cost basis of my MLPs. The below post references lots of K-1 line items and it's unclear to me whether they all serve to reduce the...
by vexed
Fri Jan 31, 2014 10:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: MLP-Which K-1 Boxes are used to adjust the cost basis?
Replies: 14
Views: 1018

Tax liability when I sell an MLP at a loss from an IRA

I want to sell an MLP currently in my IRA. If I were to sell these from my brokerage account I believe I could work thru the cost basis calculation without too much hair pulling and arrive at an adjusted cost basis and then my corresponding tax liability. Given the tax deferred nature of the IRA ear...
by vexed
Mon Jan 27, 2014 10:02 pm
 
Forum: Investing - Help with Personal Investments
Topic: Tax liability when I sell an MLP at a loss from an IRA
Replies: 2
Views: 222

Re: Taxable income, Capital Gains and Qualified Dividends

Take your taxable ordinary income, and pay tax on that amount at the appropriate rate. If you have not used up the 15% bracket, any LT gains and QDI which would take your taxable income to the top of that bracket are taxed at 0%. If you have not used up the 25%, 28%, and 33%, and 35% brackets, any ...
by vexed
Sun Feb 10, 2013 11:13 pm
 
Forum: Investing - Help with Personal Investments
Topic: Taxable income, Capital Gains and Qualified Dividends
Replies: 18
Views: 2722

Re: Taxable income, Capital Gains and Qualified Dividends

livesoft wrote:Have you tried to plug some scenarios into tax software? Taxcaster is an excellent "What if?" tool. Find it online.


Thanks for this suggestion. I just pulled it up and I will do some forecasting when I pull all my numbers together.
by vexed
Sat Feb 09, 2013 5:49 pm
 
Forum: Investing - Help with Personal Investments
Topic: Taxable income, Capital Gains and Qualified Dividends
Replies: 18
Views: 2722

Re: Taxable income, Capital Gains and Qualified Dividends

Got it this time... hmmmmm, another misconception dispelled. Until I looked at those bar charts I was under the impression that once my taxable income exceeded the 15% tax bracket threshold ALL of my QDIVs and LTCGs were taxed at the 15% rate even that portion that were under the 25% tax bracket flo...
by vexed
Sat Feb 09, 2013 5:36 pm
 
Forum: Investing - Help with Personal Investments
Topic: Taxable income, Capital Gains and Qualified Dividends
Replies: 18
Views: 2722

Re: Taxable income, Capital Gains and Qualified Dividends

see the stacked bar chart by tfb here for an intuitive way to understand/remember this concept: http://www.investopedia.com/articles/tax/08/file-seperately.asp#axzz2KDxRhnt8 [/quote] Thanks. I need to think about your response for awhile. I am still puzzled as to why Ord Dividends (Line 9a 1040) are...
by vexed
Sat Feb 09, 2013 4:58 pm
 
Forum: Investing - Help with Personal Investments
Topic: Taxable income, Capital Gains and Qualified Dividends
Replies: 18
Views: 2722

Taxable income, Capital Gains and Qualified Dividends

I am confused regarding the calculation of taxable income and the impact the resulting tax bracket has on what I pay in federal income tax on my Qualified Dividends (QDs) and Long Term Capital Gains (LTCGs). In reviewing the IRS-1040 I note that QDs are placed in a column to the left of the column u...
by vexed
Sat Feb 09, 2013 3:41 pm
 
Forum: Investing - Help with Personal Investments
Topic: Taxable income, Capital Gains and Qualified Dividends
Replies: 18
Views: 2722

What to do with my windfall?

I've been contacted by a barrister from Africa who is going to cut me in on a sweet deal that will net me over 1 million bucks... I can't say too much about it because the barrister has told me to keep the details of our transaction secret. Anyway, I'm wondering how I should invest this money. Any s...
by vexed
Tue May 19, 2009 6:10 pm
 
Forum: Investing - Help with Personal Investments
Topic: What to do with my windfall?
Replies: 4
Views: 1062

I think I'm getting sleepy... All of the MLPs I found attractive were pipelines, except one MLP which is coal... I'd definitely get a good nights sleep if one or two others shared similar experiences to yours relative to pipeline MLPs...

Thanks Al, you are a great source of info.
by vexed
Fri May 01, 2009 10:55 pm
 
Forum: Investing - Help with Personal Investments
Topic: MLP UBTIs inside an IRA are keeping me awake at night...
Replies: 2
Views: 2201

MLP UBTIs inside an IRA are keeping me awake at night...

I’m not sleeping well because I bought MLPs in my IRA without realizing the implications of UBTI (and the possibility of my broker assessing me hefty charges to prepare the 990T). When I started buying MLP recently, the yields were all over 8% with some in the double digits. Within a month the value...
by vexed
Fri May 01, 2009 9:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: MLP UBTIs inside an IRA are keeping me awake at night...
Replies: 2
Views: 2201

Which edition of TurboTax is best at dealing with MLP K-1's

I've been reading the TurboTax literature and can't decide which edition [Deluxe; Premier; Home & Business; Business] of Turbo Tax works best for my situation... I've invested in a number of MLP's this year in a taxable account... I'll have some income from the purchase/sale of stocks... I have ...
by vexed
Wed Apr 29, 2009 6:53 pm
 
Forum: Investing - Help with Personal Investments
Topic: Which edition of TurboTax is best at dealing with MLP K-1's
Replies: 3
Views: 1963

Al, one last thing...

What version of TurboTax will I need to purchase so my MLP data gets properly computed?

Thanks for all your help.
by vexed
Sat Apr 25, 2009 7:03 pm
 
Forum: Investing - Help with Personal Investments
Topic: MLP Investing...
Replies: 15
Views: 3691

Thanks AL and all for the good info... If any of you have additional info or are aware of any additional tax forms that need to be filed by MLP owners please feel free to chime in... Looks like I'll be buying TurboTax next year and filing an extension request too! Ahhhhhh, the joys of trying to make...
by vexed
Sat Apr 25, 2009 4:32 pm
 
Forum: Investing - Help with Personal Investments
Topic: MLP Investing...
Replies: 15
Views: 3691

I understand that I'll be receiving a K-1 and it will require me to transfer numbers from that form into my IRS forms... Everywhere I go to find out EXACTLY WHICH IRS FORMS need to be completed, I get vague, generic answers... If there is someone out there who has actually owned an MLP (pipeline), t...
by vexed
Sat Apr 25, 2009 12:28 pm
 
Forum: Investing - Help with Personal Investments
Topic: MLP Investing...
Replies: 15
Views: 3691

Good info provided here guys, THANKS! I have a followup for you Al (that link to Invstr Village was great by the way) or anyone else who has first hand knowledge/experience... What tax forms and schedules will I need to file each year to capture all of the complexities of MLPs owned in a non-IRA bro...
by vexed
Sat Apr 25, 2009 10:11 am
 
Forum: Investing - Help with Personal Investments
Topic: MLP Investing...
Replies: 15
Views: 3691

It will take a very savvy investor to answer my questions...

and if they don't now that 'MLP" is Master Limited Partnership and "UBTI" is unrelated business taxable income I'm afraid I've wandered onto the wrong site in search of my answers... My questions are very technical because the tax code and attendant tax form requirements are complex. ...
by vexed
Fri Apr 24, 2009 7:53 pm
 
Forum: Investing - Help with Personal Investments
Topic: MLP Investing...
Replies: 15
Views: 3691

MLP Investing...

I've been reading the pros, cons and cautions regarding MLP investments in IRAs but a couple of critical facts elude me: Most everyone characterizes the UBTI to be a negligible component of the quarterly partnership payout, yet I am unable to get a clear understand on exactly how insignificant this ...
by vexed
Fri Apr 24, 2009 7:15 pm
 
Forum: Investing - Help with Personal Investments
Topic: MLP Investing...
Replies: 15
Views: 3691

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