I automatically download all my Fidelity financial data into Turbotax and I am concerned if I also enter the K1 I receive from Energy Transfer I will be entering the data for the dividend I received twice. Any help or advice would be apprecited.
The 1099 form you get from Fidelity is used to report interest, dividends and investment sale income from your ownership of stocks, mutual funds and bonds. The K-1 form is used to report ordinary, rental or capital gain income and also dividends and interest from your ownership in a partnership, S corporation or trust. It is doubtful the two forms would report the same income, as they are associated with different kinds of investments.
If you received a 1099 and a K1 that have redundant information then you should remove it from one or the other sources.
You would have to manually delete the dividend income form either the 1099 or the K1 in your case.
Although Fidelity should not be reporting the dividend income from the publicly traded partnership to your on your 1099 if they are issuing you a K1 so be sure that that is what is occurring before you make the adjustment.
Thanks for the information. The K1 I get is from Energy Transfer not Fidelity so i should probably get in touch with Fidelity and make sure the Energy Transfer dividend is not included in the 1099 I download into Turbotax.
The 1099 form you get from Fidelity is used to report interest, dividends and investment sale income from your ownership of stocks, mutual funds and bonds. The K-1 form is used to report ordinary, rental or capital gain income and also dividends and interest from your ownership in a partnership, S corporation or trust. It is doubtful the two forms would report the same income, as they are associated with different kinds of investments.