- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
For 2022 Tax reporting, I’ve received 4 Schedule K-1 and K-3 (3 of them the Final K-1 box are checked) for the ETFs that I traded throughout the year. On 1099-B all 4 ETF are SHORT-TERM TRANSACTIONS FOR WHICH BASIS IS REPORTED TO THE IRS. (Report on Form 8949 Part I, with Box A checked.) Since I am a day trader, there were many transactions on my 1099-B, so I entered a summary for each sales category for all the trades that I made throughout the year.
On Schedule K-1, the 3 ETF with final K-1 box checked, under PART II BOX J Partner’s share of profit, loss, and capital are all 0.000000%, if decrease is due to sale or exchange of partnership interest BOX is checked. Under BOX L the Partner’s Capital Account Analysis Beginning capital account and Ending capital account are both $ 0, with complete Withdrawals and distributions from the Capital contributed during the year. Under the Part III BOX 5,8,11,13,16 and 20 are all 0, BOX 11 code C, BOX 13 code W, BOX 16 box checked and BOX 20 code A and code B. On the K-3, the foreign income and taxes are all 0.
On the ETF without final K-1 box is checked, under PART II BOX J Partner’s share of profit, loss, and capital the Ending is with a positive %, if decrease is due to sale or exchange of partnership interest BOX is checked. Under BOX L the Partner’s Capital Account Analysis, the Ending capital account is positive after Capital contributed during the year, Current year net income (loss), Other increase (decrease) (attach explanation) and Withdrawals and distributions are calculated. Under the Part III BOX 5,8,13,16 and 20 are all with positive numbers, BOX 11 is code C with a negative number, BOX 13 code W, BOX 16 box checked and BOX 20 code A and code B. On the K-3, foreign income and taxes are 0.
Here are some questions I have:
For Final K-1:
- Describe the partnership (check any that apply): do I check the box of This partnership ended in 2022 in addition to This is a publicly traded partnership (PTP)?
- Describe the partnership Disposal: do I check the box of Complete disposition? ( I purchased and sold all shares during the year)
- Tell Us About Your Sale: Do I select Sold Partnership Interest?
- Enter Sales Dates: I purchase sold them throughout the year, there are many purchase and sold date, do I enter the first purchase date and the last sold date or do I enter the calendar year (01/01/2022 purchase, 12/31/2022 sold)?
- Enter Sale Information: I followed your conversations with tksprabu, search K-1 and do not find any Ordinary Gain reported on K-1 and K-3, I entered 0 as instructed.
- Enter Code W Detail: K-1 Line 13 Code is W with 0, I found on K-3 Part X Line 17 Other: Other Portfolio Deduction, do I select Miscellaneous Itemized Deductions and enter $0?
- Is box 16 checked on your K-1: Box 16 is checked on K-1, I received K-3 but no foreign income and taxes so I select NO.
- Describe the Partnership: I check ALL of my investment is this activity is AT RISK.
- 2 of the ETF’s total cost basis on K-1 after adding 1f Wash Sale Loss Disallowed does not match the total cost basis on 1099-B, one is $4.79 and the other is $7.99 higher than what is reported on 1099-B, do I add the $12.78 to 1099-B total cost basis when I enter the summary for each sales category (short term box A)? I am sending a copy of 1099-B along with Form 8453 to IRS, will this mismatched information be a problem?
For the K-1 without final K-1 box checked:
- Describe the partnership (check any that apply): do I check the box of Disposed of portion of my interest in partnership during 2022 in addition to This is a publicly traded partnership (PTP)? I sold some and kept some positions into 2023, on the K-1 box L the Ending capital account is with a positive number. If I select both, the screen takes me to pt 3, 4 and 5 questions above on Final K-1, do I treat the same as Final K-1 for the sold positions for this ETF?
- Do I do the same as pt. 6 above for K-1, select Miscellaneous Itemized Deductions and enter the deduction amount on the K-1?
- Same as question pt. 7 and 8 above.
Thank you so much for your help.