Hi @nexchap
I was adjusting the cost basis of 1099-B based on the cumulative adjustment in K-1. In my case, the cumulative adjustment is negative so I corrected my 1099-B as below.
K-1 (from USO)
| | Amount ($) |
| Purchase price | 2000 |
| Cumulative Adjustment | -500 |
| Cost basis | 1500 |
Original 1099-B (from Robinhood)
| | 8949 (Box A) | 8949 (Box C) |
| Cost basis | 1950 | 52 |
| Sale proceeds | 1650 | 42 |
| Income (loss) | -300 | -10 |
Amended 1099-B (Edited in TurboTax)
| | 8949 (Box A) | 8949 (Box C) |
| Cost basis | 1950 | 52 |
| Sale proceeds | 1650 | 542 (=42+500) |
| Income (loss) | -300 | 490 (=-10+500) |
I updated the number in the sale proceeds of Box C. Is this correct? (Q1) I did this because the cost basis of box A has been reported to IRS. (Q2) Also, I updated sales proceeds instead of cost basis because K-1 indicates negative cumulative adjustment.
Thanks a lot in advance!!
