final k-1 report and 1099B

[nata2]

I received 1099B (from Robinhood) and K-1 and I am not sure if I should report K-1, or it will be double-reporting.

Somehow 1099B shows that my loss is 198.02 and K-1 says it was 6$.

I am a little confused and don't know what to do.

Also, if I need to report K-1, there are questions about partnership. I bought 450 shares in 2021 and sold 450 shares in 2021 (and didn't own any shares before 2021), on my K-1 form there is a check for "Final K-1".

Should I say that "This partnership ended in 2021" or "Disposed of a portion of my interest in partnership during 2021"? And what should I check for "the way of disposal" ("no entry"/"complete disposition")?

Sorry, if this question was already discussed, I tried to find some info but it confuses me (it's the first time I apply (try to apply) by myself).

Thank you

[GeorgeM777]

Since this fund is treated as a partnership for tax purposes, an investor's allocated portion of any income, gains, losses and deductions is reported on a Schedule K-1.  Thus, you need to enter your K-1 into TurboTax.  The K-1 and your 1099-B should be consistent, at least with respect to any gains or losses.  What is in Box 8 or 9 of your K-1?  Box 8 and 9 contain short-term and long-term gains or losses.  

If you are using TurboTax online, from the Income & Expense screen, scroll down to S-corps, Partnerships, and Trusts.  Then select Schedule K-1 and enter your information.  

@nata2

[nata2]

Thank you!

8 and 9 boxes are 0

I found how to put the information about k-1 and now I’m in process, but I’m not sure if I answer the questions right during the TT interview 

so, what I choose is: 

1)describe the partnership - the partnership ended in 2021 (I bought 450 shares and sold 450 shares in 2021, didn’t own any before)

2)choose how disposed - I choose “complete disposition” but not sure if this is the right one

3)type of disposition- sold partnership interest?

4) I am not sure where to look for the information for this question, could you please help me?

[GeorgeM777]

Thank you for that additional information.  Regarding your questions 1 and 2, that appears correct.  For your question 3, your basis in the partnership was the $6,270 and the sales price was the $6,264.  You have no gains and therefore, you can leave the other boxes blank. 

To follow-up on the prior post, it appears you have two items to report, namely your Schedule K-1 which identifies your capital account and loss as a limited partner, and the losses reported to you on your 1099-B.  The 1099-B reflects a wash sale adjustment of $14.52 so you can report that adjustment when you enter the transaction information into TurboTax.  

@nata2

[nata2]

I'm sorry, do you mean that I can leave the blanks for the question 4), not 3)?

So for my 3) I choose - sold partnership interest

What type of disposition was this?

Sold Partnership Interest Abandoned Partnership Interest Liquidated Partnership Interest Owner Died and Interest was Transferred

And for the "Enter sale information" I just need to enter 6264 in "Sale price" and push "continue", is it correct?

Thank you so much for your time!