K1 No Income - Do I need to report?

Forum|Forum|7 years ago
June 4, 2019
2 replies
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My son has dabbled in penny stock. He has two K1 forms with 0 profit, loss, captial, income, etc. Every line is zero. Do these forms need to be reported?

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MichaelL1

Level 15

No these do not need to be reported.

sk5

Level 2

I submitted my federal tax for 2019 and it was accepted.

I just receive a Schedule K-1 (form 1065) with $0 dollars of income/loss. Do I have to file an amended federal return?

Thank You,

Susan

ReneeM7122

Level 9

I sold my ETF - USO LP completely at loss.

My 1099-B correctly shows the loss amount, but my Schedule K-1 1065 are all empty and has just 0 amount from box 1 to 22 on the right side of the form. Except on the left side, in Capital account Analysis, it shows a positive number in line Capital contributed during the year and same number but in parenthesis in line Withdrawals & distributions, that specific dollar number is my cost basis.

1. Does this Schedule K-1 needs to be amended to show my final loss since I sold all shares and has a loss?

2. If I just correctly report my loss in form 8949 based on number found on 1099-B, do I still have to file the Schedule K-1?

Yes, the Schedule K-1 should be amended, and yes, you must enter in the K-1 and report the 1099-B using the basis and the loss info from the K-1.

chamonix

Level 2

I traded UNG in 2022 so received schedule K-1.

I held UNG position for a couple of weeks and sold with a small profit.

However, at Box 8. Net Short-Term Capital Gain/loss, zero amount. Actually all boxes in Part III are empty.

2022 Sales Schedule lists unit sold, sale date, purchase price, cost basis

Transaction schedule lists buy and sell, end of year units is 0

I am confused if I need to report the short term gain, even though it is zero in Box 8?

I called the firm sent out the report, they asked to consult with Tax pro.

HopeS

Level 8

If the K-1 form does not show any income or loss and you report the gain/loss correctly on your form 1099-B entry, you might be ok excluding the K-1 from your return. However, if this is a Final K-1, you should include this in your return and indicate "Final" when prompted in the K-1 Interview.

Please review your Form 1099-B to see if it correctly reflects these sales.

@chamonix

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