I received a K-1 form from USO after I filed my tax in Turbo Tax

[fractalss]

Hi,

I have already filed my Tax for year 2021 via Turbo Tax.

 I purchased USO stock in April 2020 via Robinhood .  I received a Schedule K-1 (Form 1065) which shows in Box L the capital contribution, current year net income, and ending capital account. I did not sell any USO units and still holding the same number of units.

I used Robinhood Tax documents to report capital gain, loss and dividends received. Robinhood documents do not include the income as reported in the L-section of K-1 form from USO. 

Please advice me on this.

Best

Saurav

[DianeW777 · Accepted solution]

It depends. If you have no income or other items on lines 1-21, Form 1065-K1 then there is nothing to report.  If you do have any income items shown, then you must amend your tax return to include that income.

If you do have income you can try entering that income to see if your tax return end results (refund or balance due) change.  If there is no change then an amendment would not be required.

Should you find you need to amend, then the return must be exactly as it was when it was filed. Read all the instructions before you begin so that TurboTax knows the original figures and the changes for your amendment.

• How to amend (change or correct) a return already filed?
• What is the deadline for filing an amended return?

[fractalss]

Thanks a lot. I have nothing to report from lines 1-21.

I knew I was safe 🙂 Needed a validation.

Best

[ArtemS]

And I have a question about the same K-1 (tax form1065) I purchased USO stock on a Robinhood in March 25 2022 and sold all of it in March 29 2022 without any profit . And I have already filed Robinhood taxes for 2022 . Do I have to file that tax form 1065 separate  , or it was included already in my tax report from Robinhood ? 
Thanks 

best Artem 

[Vanessa A]

That, you would have to ask Robinhood.  We have no way of knowing what they included in your 1099.  It is very possible, they did include it, but you will need to confirm that with Robinhood. 

If they did include it, you do not need to amend your return (if you already filed) nor add it if you did not already submit your return. 

 Also, if you have $0 profit or loss reported on the K-1 you do not need to include it on your return as you cannot enter a $0 form on your return.  If you do show a profit or loss on the K-1 and it is not included in your 1099, you will need to Amend your return to add it. 

[sgupta23]

I have received the same form too. I have no income but I have some loss. Should I go for amendments or not?