I received three different K1's (1065) from three different etf's that I traded multiple times(hundreds of trades) last year. My broker(Robinhood) sent me 1099-B which seems to accurately list all of my trades including the three etf's that sent me the K1. According to this 1099-B, cost basis were reported to IRS but not Gain or Loss(See below)
Now a lot of these trades ended up being wash sales and in the end I ended up with a total loss of around -$2400 according to this 1099-B. I imported this into TurboTax using the import feature of TT Premier desktop.
So far so good.
Now I have three K1's to enter and after I added all three of them , a new loss of over -$18k showed up under "contracts and straddle" and it also increased my capital loss carry over by a huge amount.
I'm not sure if this accurate. It seems like the K1 doesn't seem to care or recognize the wash sales and just calculates the overall loss.
Is this accurate? Do I need to do any adjustment? I'm not sure how to proceed here but it just seems like something is not right. Can anyone please help and point me in the right direction?
here's one of the K1.
