Anyone can help me to find out if I have to file Partner's Schedule K-1 form 1065, thank you very much!
IRS form 1065 instruction "purpose of schedule k-1" is read as: "The partnership uses Schedule K-1 to report your share of the partnership's income, deductions, credits, etc. Keep it for your records. Do not file it with your tax return unless you are specifically required to do so. (See the instructions for Code O. Backup withholding, later.) The partnership files a copy of Schedule K-1 (Form 1065) with the IRS."
I don't see code "O" in any of my k-1 boxes, how can I know I am specifically required to do file? My k-1s are from ETF stock USO and BNO, there are big numbers in box 11 "other income" - code C "contracts and straddles" that seems taxable.
Many thanks!
