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taxing

I am attempting to make some progress on my 2007 taxes. Today I received a couple of K-1 forms from a limited partnership (actually now a LLC) that I belong to. One of the boxes refers to a statement that is attached. On the statement it says "see Form 8903 instructions". I hate it when I see things like this.

I found Form 8903 instructions online, of course, and I opened it up to take a look at its ten pages. I was hoping for enlightenment that applied to my specific case, the one that applies to line 13 of form K-1. No such luck.

But at the bottom is the paperwork reduction act notice. Within this block is an estimate of the amount of time and work an individual can fairly spend on this form, the form 8903. To whit: (wit?)

The time needed to complete and file this form will vary depending on individual circumstances. The estimated
burden for individual taxpayers filing this form is approved under OMB control number 1545-0074 and is included in the
estimates shown in the instructions for their individual income tax return. The estimated burden for all other taxpayers
who file this form is shown below:
Recordkeeping . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 hr., 57 min.
Learning about the law or the form. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 hr., 34 min.
Preparing, copying, assembling, and sending the form to the IRS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 hr., 55 min.

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Judith Lautner
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