Received Schedule K-1 (Form 1065) in March 2020 after filing my return in Feb 2020 for transacting few UVXY VIX ETF shares in FY 2019 for small amount $-23 (loss) reported in Box-11C of K-1.
The actual capital gains etc.. for those UVXY buy&sell were already reported in the FY2019 tax return correctly as per brokerage tax statement 1099-B issued to me. This K-1 I got in mail yesterday took me by surprise as I thought everything related to buy&sell UVXY shares was covered in the Brokerage 1099-B statement.
Should I amend my FY2019 return? Next steps?
I filed my return online using TurboTax Premier if this info helps.
Any help & guidance on this one is highly appreciated. Thanks a lot.
Given the small amount, I would not file an amended return. That said, not reporting it could result in a letter from the IRS, but I doubt it. If you want to file an amended return, see the following: