Thanks Again, I definitely did not receive the amount reflected on the K1. I di dcheck all statements and transactions on my broker account. I only found 4 transactions. The time I bought and 3 for the 3 sales I did. As an example and as as close to the actual numbers. I bought in two different accounts maybe $5K. Sold them for 6K. Since I did it in both account I made close to 2K in gains. That's what it is on the 1099-B. I have to pay taxes on that short term no questions asked.
On the K1 schedule Part II L it shows something like this, begg. 0, capital contributed 10K, current year net income 2700, withdrawls 13K, ending capital 0. Where does extra 700 come from? I have no idea but on the schedule they point out that. and If I put that number then suddenly I have to pay taxes also on the 2700. So, now I go to Part III, column 5 is 16, column 8 2412,and column 11C 284, and 13W is 8. I guess I have to pay taxes on the 243, although again I did not see that money in any account. If I go to the schedule it shows the transactions for both accounts, and basically column 5 (cummulative adjustment bais) shows the 2704.
Again, why paying taxes on 2700 when I actually only had a short gain of close to 2000?
So TT does not associate the K1 with the actual transaction on 1099B, it does know is the same. Hence my thought is I leave the 1099B alone. and on the K1 just load part III and leave wow 8 empty. Also on Part II row L leave everything in blank.
I also tried downloading the txt file directly from the proshares online, and when it loads in TT actually leaves in blank the row L on part 2, but by adding the row 8 on part 3, it increases the taxes that represents the 2700.
Am I correct?
