@nexchap More questions about K-1.
I bought 5000 of ET on 8-4 for 34,349.50 then sold them on 12-28 for 31,201.31, and also received dividends on 8-24 and 11-24 for a total of 2,322.88. (So I still has some left). I received Consolidated Forms 1099 from J.P. Morgan (I did it by Chase) and manually enter the data into TurboTax.
The K-1 schedule I received from ET shows different numbers:
1. Units Sold: 5000 (same); 2. Sale Date: 12-28 (same); 3. Sales proceeds: blank and asks me to enter it (31,201); 4. Average purchase price/Initial basis amount: 34,101 (different); 5. Cumulative adjustments to basis: -3,965 (what is it? I thought is should be the dividends, but it was 2,323); 6. Average cost basis: 30,126; 7. Gain subject to recapture as Ordinary income: 5,105 (what it it?) 8. AMT gain/Loss adjustment: 28; 9. 0%; 10. 278; 11. 2,425.
My questions are:
1. Is it normal that K-1 schedule shows different numbers such as 34,101 for Basis instead of 34,3495? Just want to make sure the numbers on the K-1 are correct.
2. To amend the Fed return, I entered the K-1 numbers into TurboTax, then I need to pay additional 1,033. Is that looks correct? I thought the K-1 schedule could reduce my tax amount as indicated by the cover letter from ET.
Thanks,
Qi
