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dwhall20
New Member

Do I need to do anything with a K-1 I received after filing? It is from some stock I purchased and sold in 2020. The sale already reported on my 1099-B.

 
5 Replies
LinaJ2020
Expert Alumni

Do I need to do anything with a K-1 I received after filing? It is from some stock I purchased and sold in 2020. The sale already reported on my 1099-B.

If it is already reported on your tax return, you do not need to amend to add.  

 

As a shareholder or partner, the K-1 is issued to you to report your portion of income and deductions.  The 1099-B transaction will generate either a long term or short term capital gain or loss. The net gain or loss will show on line 7 of your Form 1040 along with a Schedule D and Form 8949.  

 

Another way to verify is to enter the Schedule K-1 to see if the result creates any differences in the refund or tax due.  Steps to amend in TurboTax

 

In amendment,

  • At the right upper corner, in the search box , type in K1 and Enter 
  • Select the 1st choice on the search results - Jump to K1
  • Follow prompts

 

 

 

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dwhall20
New Member

Do I need to do anything with a K-1 I received after filing? It is from some stock I purchased and sold in 2020. The sale already reported on my 1099-B.

This is for a stock I both purchased and sold in 2020 of a partnership. Is the K-1 I was sent irrelevant then?

ToddL99
Expert Alumni

Do I need to do anything with a K-1 I received after filing? It is from some stock I purchased and sold in 2020. The sale already reported on my 1099-B.

No, the K-1is not "irrelevant" because you bought and sold the partnership interest ("shares") in the same year.

 

You have two reasons to report the K-1 on your return:

 

1. The K-1 reports your share of the partnership's 2020 income/loss and deductions for the period you owned a partnership interest. 

 

2. The K-1 reports information used to calculate your basis in the partnership. You need that information to calculate your gain/loss on the sale of the interest.

dwhall20
New Member

Do I need to do anything with a K-1 I received after filing? It is from some stock I purchased and sold in 2020. The sale already reported on my 1099-B.

The gain/loss is already captured on the 1099-B as I completely disposed of my stock. If I'm understanding correctly in this case I would not need to include the K-1 info since the gain/loss from the sale of this stock is already reporting on the 1099-B. Am I correct? Sorry if it seems like I'm beating a dead horse. I appreciate your input.

ToddL99
Expert Alumni

Do I need to do anything with a K-1 I received after filing? It is from some stock I purchased and sold in 2020. The sale already reported on my 1099-B.

You may still need to  enter the K-1 to report your share of the partnership's current year income/loss and deductions (Boxes 1 through 20). That is separate from the gain/loss information on the 1099-B.

 

If your K-1 does not report anything in boxes 1-20, then you don't need to enter it in your tax return.

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