My brokerage 1099B from Schwab has a section which says:
"SHORT-TERM TRANSACTIONS FOR WHICH BASIS IS REPORTED TO THE IRS - Report on Form 8949, Part I, with Box A checked."
Just for round numbers call it $20K purchase and sold one week later for $25K.
So call it about $5K in gains for USO bought and sold within 2020 which is indicated here. When I import my 1099B, I get a certain estimated tax total.
If I then enter the information in the K1 section. The estimated tax increase ~$2250.
Would this indicate that I am
The questions:
Sale Price: are you suggesting to make this $0
Selling Expense: I assume this is $0
Partnership Basis: Should this be the original column 4 $20K Initial Basis or the column 6 Cost Basis
Ordinary Gain: you suggest making this $-5K?
1250 Gain: I assume this is $0
First question: If the taxes go up ~2250 after entering the K1 questions does that mean it is double counting the gains?
