@nexchap, you and @ThomasM125 seem to have the best handle on this PITA, so let me ask this: How on earth do I respond to the at-risk prompts for USO in the TurboTax Schedule K-1 interview?
Background: I bought and sold (entirely) a small position in USO in 2020 for a small loss. This showed on my 1099-B, which arrived in a timely fashion. I filed my taxes.
Then I got a Schedule K-1 from USO. If I go to amend in TurboTax, adjust the cost basis for USO down on the 1099-B by the amounts in the sales schedule that USO sent, and then do the TurboTax K-1 interview, everything seems OK until I reach the screen prompting me to check boxes indicating whether my investment was at-risk. By the running tally at the top of the screen, whether I now owe taxes on a loss in this garbage investment depends on how I check this box. It seems to me that my entire investment *was* at-risk, no? And: Did I do the right thing by adjusting the cost basis on my 1099 down in accordance with the USO sales schedule, then doing the Schedule K-1 interview?
