Hello,
I am looking for some help and support. I am trying to do my son's taxes (he is away at college). He received 1099s from Robinhood Securities & Robinhood Crypto. But, he also received a Schedule K-1 (Form 1065) from iShares ("iShares S&P GSCI Commodity-indexed trust"). The cover page to that package states:
1. Please do not discard this package as it contains IMPORTANT TAX INFORMATION that you will need to prepare your federal and state income tax returns for the 2022 tax year.
2. The tax reporting for this investment is NOT (my emphasis) reported on a Form 1099 that you receive from your broker. Instead, a tax package is distributed by the Trust. The 2022 tax package includes your Schedule K-1 ("K-1"), Transactions Schedule, Sales Schedule and FAQs.
So, I have no idea what this is for, or how to input this information into TurboTax. I am using the download version of TurboTax Premier (for Windows). Would anyone be able to help me? I am trying to find out where in the "interview" stage - inputting income, etc., I input this data.
Do I need to somehow manually enter this? Or, will there be some question that asks me whether he has any Schedule K-1 (Form 1065)?
Any help, guidance, direction, support is greatly appreciated! 🙂
Best,
Terry
