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Level 2
posted Mar 22, 2021 10:47:55 PM

K-1 vs broker 1099 and tax amend

I just received 3 K-1 for stocks I bought. I filed my tax already do I have to amend it? Isn't lose/profit on K-1 from stock (ETF) I bought reported on my broker 1099 already?

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1 Replies
Expert Alumni
Mar 23, 2021 6:38:39 AM

Yes and No.

 

Yes - Compare the K-1s you received with the 1099B you entered to see if there is additional information on the K-1 that will make a difference on your tax return.  Examples include foreign taxes paid and qualified business income (QBI) information.  If there is, you may wish to amend your return.

 

No - If there is no additional information on the K-1, then there is no need to amend your return.

 

In general, it is better to enter the K-1s on the return instead of the 1099-B since the K-1s usually contain more detail.  [Don't enter both because you may duplicate information.]