Ok, I went in to the actual transaction in "Stocks, Mutual Funds, Bonds, Other" and clicked the "The cost basis is incorrect or missing on my 1099-B" check box. Then I was able to enter the cost basis from the "2020 Sales Schedule" I got from USO in the box. This cost basis is higher than the original basis so the sale summary in TT now shows a negative adjustment and a new loss for the sale.
This only partially offsets the Line 11C income from the K-1. I'm hoping in 2021, there will be another basis adjustment to offset the rest of the losses I had in 2020 on this investment even though in 2021, the investment finally turned positive.
I hope I am doing this correctly. Other things I've read online say the income in Line 11C should be added to the cost basis. However, I didn't sell all of my shares yet so that's why I'm hoping the next K-1 will have the remainder accounted for.
This is from https://www.uscfinvestments.com/k1-information:
"Your tax basis is generally the original amount paid for the Shares adjusted as follows:
- Increased by the allocable share of income and gain reported to you on the Schedule K-1"
