I received a k-1for UCO, a stock that I bought and sold twice in 2021, as well as bought and sold options twice within 2021. I've been able to enter the k-1 into turbo tax, but I'm a little confused by my 11C box, which has 1541, suggesting I made this amount, which I did not. My brokerage is etrade. If I look at gains\losses for the UCO I made 188.44 with the stock and 138.97 with the options, a total of 327.41.
On my 1099 from etrade, the cost basis for only the stock is not being reported. In prior years if this happened I'd look at what my brokerage had and input the dates bought and cost basis. But If I enter in the K-1 for UCO and enter the cost basis and dates from etrade, it seems like id be taxed twice?
K-1 1065
Box 5 - 0
Box 8 - 210
Box 11C - 1,541
Box 13W - 10
Box 20 B - 10
The amounts for box 8 are close to what etrade would show in gains, off by about $22, but if I report this income in the K1, I should not report it in etrade as well? Box 11C I do not understand where they got this info from.
I am also confused by the 2021 Sales Schedule, there are 7 columns.
Shares sold
Sales Date
Sales Proceeeds
Purchase amounts
Cumulative Adjustments to basis
Cost basis
percentage long term
What's interesting is for 1 of the trades, there's 1741 in column 5 which is the Cumulative Adjustments to basis, and the Cost basis in the k-1 is 13,365, but in etrade it shows 11,623.50.
Am I supposed to use this K-1 info to adjust the cost basis of my 1099 from etrade? Again, for this stock the cost basis is not being reported to the IRS. Not clear on how
I very very much appreciate any help here, looked at it for a few hours and am stumped on what I'm supposed to do. Please let me know if there are any questions or I can help clarify anything!
Thank you!!!
