Form K1 and 1099-B - Avoid double taxation

[serendipity]

Hello

I've sold UVXY ETF last year (held for short term) and Robinhood reported the sale in 1099-B as shown below:

Date Sold: 9/27/023

Date Acquired: Various

Qty: 20

Proceeds: $364

Cost Basis: $452

Gain/Loss: -$88

The 1099-B form says "Report on Form 8949, Part I with Box A Checked, Basis is provided to IRS. "Gain/Loss" is NOT reported to IRS.

Now, I also received Schedule K-1 for this transaction with below details:

Box L: Capital contributed during year: 452

Current Year Net Income (Loss): -136

Withdrawls: $ (316)

Box 5: Interest Income: 4

Box 11C: Other income (loss): -140

Box 20A: Other information: 4

Sales Schedule shows below details:

1. Shares Sold: 20

2. Sale Date: 9/27/2023

3. Sale Proceeds: Empty

4. Purchase Price/Initial Basis: 452

5. Cumulative Adjustments To Basis: -136

6. Cost Basis: 316

7. % Long Term: 0%

With above details, so far what I've done is this:

1. I've entered all details in K1 form in the tax software.

2. I've also entered 1099-B details that I received from Robinhood. However, I've corrected the cost basis to 316

3. I've entered details in Form 6781 as well (Contracts and Straddles) which took -140 as the short term loss in Line 1 of Form 6781

Am I reporting this correctly? How do I make sure I'm really getting 60/40% and whether above 3 steps that I did correctly or not?

Thanks

[nexchap]

You did it correctly as long as the "Enter Sale Information" in the K-1 portion of the interview is all 0s, calculating no cap gain or loss.  That's how you avoid the K-1 creating an extra, incorrect 8949.

[serendipity]

Net short term and long term cap gain/loss is 0 in box 8 & 9a of K-1 and I entered it exactly as is. My main worry was whether I should have entered different proceed to offset other than what is provided in 1099-B from Robinhood. But instead, I put in exactly same proceed and cost basis as what Robinhood's 1099-B has provided to me and then I adjusted the basis on next page and corrected with basis from K-1's value.

Hope, this is right. Please confirm.

[nexchap]

When you entered the K-1, there's a section called "Describe the Partnership" where you should have checked "This partnership ended" (assuming this was a complete disposition).  That will bring up questions in the K-1 interview about the sale.  That's where you need to enter 0s.  Everything else you did sounds correct.