I received a schedule K-1 for an ETF investment and the same investment is listed on my 1099-B. Do I enter both forms?

Forum|Forum|5 years ago
March 31, 2021
7 replies
103 views

The investment was in Pro Shares Ultra VIX short. It would seem that if I enter both forms, I am counting the capital gain/loss twice. Does anyone else have the same problem?

Best answer by ToddL99

The K-1 reports your share of the investment's 2020 income, losses, deductions and credits, while the 1099-B reports the sale of the investment itself.

In addition to reporting 2020 income, you also need information from the K-1 to calculate your cost or other basis for the investment.

To avoid "double-counting", follow the instructions in the following post: Reporting Sale of publicly-traded limited partnerships

The sale of the ETF is reported on the "Stocks, Mutual Funds, Bond and Other" interview of investment income.

The current year income is reported in the "Schedule K-1" interview of Business Investment and Estate Trust Income.

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JamesG1

Level 15

I would expect to see the 1099-B report the sale of the investment allowing you to report a gain or loss upon sale.

I would expect the K-1 to report the income / loss generated by the investment for the period that you owned the investment.

Are you seeing something other than this?

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lena1567

Level 3

I am interested too. I believe the question is if for the same stock/etf gain/loss is reported on both 1099b and k1 will it counted as double gain/loss?