- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
K-1 and 1099-B how to enter properly so nothing is duplicated
On the advice of a friend, I started experimenting with investing via M1 Finance as I could do fractional shares which made it affordable for me. So I now have a 1099-B from M1 listing all the companies I invested in and some K-1's from various L.P.s (if only I'd known how much of a pain these L.P.s are to deal with when it comes to taxes I would have never touched them but I guess we live and learn) and I'm wondering how to properly enter all the info so nothing is duplicated.
The amounts are very small and I'm not sure it will even make a difference in my taxes but I still want to get it done correctly. I've looked around on the forums here but can't understand what needs to be done and the one instruction I could find that I could understand, TurboTax wouldn't let me do it.
So I was wondering if someone can help me and walk me through step-by-step? Please? If so I'd really appreciate it!
Here's an example using the info for BSM, one of the L.P.s, from my M1 1099-B and the info from the K-1 they sent, in case that helps.
| Black Stone Minerals, L.P. (BSM) | |||||||||
| 1099-B: | |||||||||
| Quantity sold | 0.08541 | 0.12077 | |||||||
| Date Acquired | 11/15/2019 | 11/15/2019 | |||||||
| Date Sold (box 1c) | 12/09/2019 | 12/09/2019 | |||||||
| Procedes/Reported to IRS (box 1d) | $1.01 | $1.43 | |||||||
| Cost or other basis | $1.06 | $1.55 | |||||||
| Accrued Market Discount | $0.00 | $0.00 | |||||||
| Wash Sale Loss Disallowed | $0.00 | $0.00 | |||||||
| Gain/Loss | -$0.05 | -$0.12 | |||||||
| FROM K-1: | |||||||||
| Form 1065 | |||||||||
| J Partner’s share of profit, loss, and capital: | Beginning | Ending | |||||||
| Profit | 0.00% | 0.00% | |||||||
| Loss | 0.00% | 0.00% | |||||||
| Capital | 0.00% | 0.00% | |||||||
| K Partner’s share of liabilities: | Beginning | Ending | |||||||
| Nonrecourse | $0.00 | $0.00 | |||||||
| Qualified nonrecourse financing | |||||||||
| Recourse | |||||||||
| Check this box if Item K includes liability amounts from lower tier partnerships. | x | ||||||||
| L Partner’s Capital Account Analysis | |||||||||
| Beginning capital account | $0.00 | ||||||||
| Capital contributed during the year | $15.00 | ||||||||
| Current year net income (loss) | $0.00 | ||||||||
| Other increase (decrease) | $0.00 | ||||||||
| Withdrawals & distributions | -$3.00 | ||||||||
| Ending capital account | $12.00 | ||||||||
| 1 Ordinary business income (loss) | 0 | ||||||||
| 2 Net rental real estate income (loss) | |||||||||
| 3 Other net rental income (loss) | |||||||||
| 4a Guaranteed payments for services | |||||||||
| 4b Guaranteed payments for capital | |||||||||
| 4c Total guaranteed payments | |||||||||
| 5 Interest income | 0 | ||||||||
| 6a Ordinary dividends | |||||||||
| 6b Qualified dividends | |||||||||
| 6c Dividend equivalents | |||||||||
| 7 Royalties | 0 | ||||||||
| 8 Net short-term capital gain (loss) | |||||||||
| 9a Net long-term capital gain (loss) | |||||||||
| 9b Collectibles (28%) gain (loss) | |||||||||
| 9c Unrecaptured section 1250 gain | |||||||||
| 10 Net section 1231 gain (loss) | 0 | ||||||||
| 11 Other income (loss) | |||||||||
| 12 Section 179 deduction | |||||||||
| 13 Other deductions | |||||||||
| I | 0 | ||||||||
| J | 0 | ||||||||
| K | 0 | ||||||||
| 14 Self-employment earnings (loss) | |||||||||
| 15 Credits | |||||||||
| 16 Foreign transactions | |||||||||
| 17 Alternative minimum tax (AMT) items | |||||||||
| A | 0 | ||||||||
| D | 0 | ||||||||
| * | STMT | ||||||||
| 18 Tax-exempt income and nondeductible expenses | |||||||||
| C | 0 | ||||||||
| 19 Distributions | |||||||||
| A | 0 | ||||||||
| 20 Other information | |||||||||
| A | 0 | ||||||||
| B | 0 | ||||||||
| T* | STMT | ||||||||
| * | STMT | ||||||||
| Supplemental Info | |||||||||
| AMT Item: Oil, Gas & Geothermal-Deductions | 17E | 0 | |||||||
| AMT Item: Excess Intangible Drilling Costs | 17F1 | 0 | |||||||
| Sustained Depletion - Working Interests | 20T1 | 0 | |||||||
| Cost Depletion - Working Interests | 20T2 | 0 | |||||||
| Percentage Depletion in Excess of Cost Depletion - Working Interests | 20T3 | 0 | |||||||
| Sustained Depletion - Royalty Interests | 20T4 | 0 | |||||||
| Cost Depletion - Royalty Interests | 20T5 | 0 | |||||||
| Percentage Depletion in Excess of Cost Depletion - Royalty Interests | 20T6 | 0 | |||||||
| Percentage Depletion in Excess of Basis | 20T7 | 0 | |||||||
| Net Equivalent Barrels | 20T8 | 0 | |||||||
| Unrelated Business Taxable Income or Loss | 20V | 0 | |||||||
| Section 199A Publicly Traded Partnership (PTP) Income | 20Z1 | 0 | |||||||
| Qualified PTP Item - Section 1231 Gain (Loss) | 20Z2 | 0 | |||||||
| Qualified PTP Item - Ordinary Income on Sale of Interests | 20Z3 | 0 | |||||||
| Section 751 gain (loss) | 20AB | 0 | |||||||
| Excess Taxable Income | 20AE | 0 | |||||||
| Excess Business Interest Income | 20AF | 0 | |||||||
| Gross Receipts | 20AH1 | 0 | |||||||
| Ownership Schedule | |||||||||
| TRANSACTION | |||||||||
| DESCRIPTION | DATE | UNITS | |||||||
| BEGINNING OF YEAR UNITS | 0.00000 | ||||||||
| AC Buy | 11/11/2019 | 0.07300 | |||||||
| AC Buy | 11/15/2019 | 0.08500 | |||||||
| AC Buy | 11/18/2019 | 0.04700 | |||||||
| AC Buy | 12/9/2019 | 1.00000 | |||||||
| DA Sell | 12/9/2019 | -0.20600 | |||||||
| Sales Schedule | |||||||||
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | |
| Units Sold | Sale Date | Sales Proceeds | Purchase Price / Initial Basis Amount | Cumulative Adjustments to Basis | Cost Basis | Gain Subject to Recapture as Ordinary Income | AMT Gain/Loss Adjustment | Percentage Long Term | |
| 0.206 | 12/9/2019 | 3 | 0 | 3 | 0 | 0 | 0.00% | ||
| Totals | 0.206 | 3 | 0 | 3 | 0 | 0 | |||
| References | Form 8949 Column D | Form 8949 Column E | Form 4797 Part II Line 10, Form 8949 Column G | Form 6251 Line 2k |
A big thank you to whoever can help!
