Do I need to file a K-1 if robinhood is already reporting the sale of shares that also sent me a K1?

[propagandapistol]

I bought and sold shares in an oil fund that sent me a K1, but I see robinhood is already reporting the sale in their pdf, do I need to fill out the K1 also?

[Irene2805]

Often you will receive both a K-1 and a 1099-B for the same transaction.  It's unusual that Robinhood issued a K-1.  Enter the K-1 from the oil fund.  However, you should compare the two forms to see if one contains more information that needs to be entered.

[Mike9241]

the k-1 comes from you owning some shares in a publicly traded or master limited partnership. so when you sell the reporting gets complicated.  you need to enter the k-1 info. the basis/cost that Robinhood shows is most likely incorrect. there should have been a sales schedule along with the k-1 which allows you to compute the correct tax basis and gain. there may be ordinary income to report on the schedule something like form 4797 line 10 in column x. if it was a full disposal you need to check final k-1. you also need to use the k-1 sales section to report the sale so any suspended passive losses are allowed.  this is where you report the 4797 income (as sales price) cost = 0 ordinary gain same as on sales schedule.   the ordinary gain, if any, adds to your tax basis.   

easiest is to reprt the the sale on the 1099-B worksheet but as noted you'll need to adjust cost.

[buzhidaoist]

So in entering the K-1 section information for the partnership (also oil fund for me) it asks "Enter Sale Information" for "Sale Price", "Selling Expense", "Partnership Basis", "Ordinary Gain", "1250 Gain".

The numbers entered here affect my refund amount, as well as do the numbers entered in the 1099-B section reporting sales proceeds and cost basis for the same sale.   This is where my confusion is;  it would appear that, for example let's say my initial basis is $500, my adjustment as reported on the K1 is -$200, so the cost basis as per the K-1 is $300.  The cost basis as per Robinhood's 1099 is $500, and the proceeds from my sale (full liquidation) are let's say $150.  The K-1 instructions on the sales schedule say to get the sales proceeds from the broker, i.e. $150. 

So where exactly do I enter what numbers?  Do I report an adjusted basis in the 1099 section?  If so, is it "cost basis incorrect" or "other adjustment not listed" or what?  If I do this, then do I leave the "Enter Sale Information" screen of the K-1 section blank?  Because otherwise, if I enter $150 and $300 in "Sale Price" and "Partnership Basis", which is what sees correct, the software double-counts the loss from the sale.   Do I just fill out the K-1 part and not include the sale on the 1099 at all? 

[Mike9241]

and yes you need to enter the k-1 info. 

[TaxCrazy]

So Robinhood duplicated the dividends shown on K1 forms? Should those be excluded from the 1099 reporting then?

Does anyone have actual instructions on how to enter K1 LPs in Turbotax online? Turbotax instructions are useless. For example Energy Transfer LP has multiple other LPs under it. How do we enter these such that they are all tied together? 

If there is a genius who actually has instructions please post if you’re just guessing your way around to act like you know stuff please go do something else and that includes these also called alumni. I spoke with some on the phone and they are clueless but talk in circles using the words sir and I’m sorry. I tired of this bs.

Anyone here can guess their way around too.

We need help from someone who understands Turbotax and how to enter K-1 forms with single activity and multiple activities. Anyone with actual knowledge? 

[MarilynG1]

Per Expert @LeonardS:

"If you have a K-1 and a 1099-B for the same items and amounts you have two options.

• Enter the information from the K-1 and do not enter the 1099-B information.
• Enter the information from the 1099-B and do not enter the K-1 information.

Either of the methods will enter your information without any duplication."

[lucasmeyer19]

"If you have a K-1 and a 1099-B for the same items and amounts you have two options.

• Enter the information from the K-1 and do not enter the 1099-B information.
• Enter the information from the 1099-B and do not enter the K-1 information.

Either of the methods will enter your information without any duplication."

Can we confirm this is accurate? I just got sent a LP K-1 one week before taxes are due and I am completely lost when attempting to enter in this K-1 info into Turbotax.

I did buy and sell these shares in the same tax year, and I see info for all of this on my 1099 that Robinhood sent. Due to the current circumstances, I think I might just stick to the 1099 and not involve this K-1 but I am unsure and lost as to what to do.

[JamesG1]

I would add a couple thoughts.

1) The K-1 may contain entries in boxes 1 through 20 that are not included with the other documentation.  Make sure that you are not missing information to be reported.

2) A disposition reported through the 1099-B entries may not allow you to capture passive losses from previous years related to the activity.

In that case, you would want to use the K-1 entries and report Complete disposition at the screen Describe Partnership Disposal if you are carrying passive losses from previous years related to the activity. You want to ensure that you capture those losses upon complete disposal.  

Since you bought and sold within the same year, this likely would not apply in your case.

3) Only report the sale of the investment once.  The sale can be reported through the K-1 screens or through the 1099-B entries (excepting Complete disposition issues noted above).

@lucasmeyer19