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Discussion:K1 box 20T - Tentative Depletion - Louisiana???

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Discussion Forum Index --> Advanced Tax Questions --> K1 box 20T - Tentative Depletion - Louisiana???


Discussion Forum Index --> Tax Questions --> K1 box 20T - Tentative Depletion - Louisiana???

Yt1300inHtown (talk|edits) said:

8 April 2009
Hi all, hope all is going well as we wind up the final week.

Does anyone have any experience with Louisiana? My partership rec'd a K1 with tentative depletion on box 20T. It flows this on its K1s to the partners' K1s likewise.

However, on my Louisiana return, this amount goes nowhere. If I force it to the LA partner K1, it reduces the ordinary income which I don't want. All that the LA return is picking up is the ordinary income. The tentative depletion does not appear anywhere.

And yes, I tried the yellow box and yes I've called Pro Systems (they don't THINK is flows there at all) and yes I've called LA and the guy is "out for the afternoon". I even tried reading the LA instructions. Useless.

TIA, YT

Kevinh5 (talk|edits) said:

8 April 2009
Why don't you force it to box 20T of the K-1 you are preparing for your 1065?

that is, it is a pass-through item, and shouldn't affect the LA 1065

Yt1300inHtown (talk|edits) said:

8 April 2009
Well that is how it is Kev. The problem is on the LA partnership return, the flow through dead ends.

YOu can add the depletion directly on the LA return on page one or push it out as a K1 item by inputting the tentative depletion in PS in the LA input fields but then the LA return has no way of reconciling the gross gas income to the depletion amount so it looks...weird?

Genskitty (talk|edits) said:

April 8, 2009
Yt1300inHtown, I live in New Orleans. Hope that's Louisiana enough. Don't force it. Louisiana ia a piggyback state. It'll take the information it needs from the federal return.

Yt1300inHtown (talk|edits) said:

8 April 2009
Thanks Gkitty.

Genskitty (talk|edits) said:

April 8, 2009
YW

Kevinh5 (talk|edits) said:

8 April 2009
BUT NO ONE ELSE GETS THANKS?

Genskitty (talk|edits) said:

April 8, 2009
awe :( Kevinh thankx  :)

Yt1300inHtown (talk|edits) said:

8 April 2009
Sorry Kev. My brain is far too fuzzy at this point.

Thanks.

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