Do I have to enter the form 1065 if the trade info is already listed in the 1099-B?

[ThomasM125 · Accepted solution]

I think you mean you sold a partnership interest that is reported on a form 1099-B and also on a partnership schedule K-1 and you want to know if you can just report the 1099-B information. Yes, that would be correct provided they both report the same income amount.

[jdm88]

Yes, I bought and sold 3 Proshares ETFs, which are transactions/trades listed on the 1099-B (already entered into TT).  There were 3 separate trades (3 different ETFs), so Proshares sent me 3 K-1 1065's, one for each ETF.  None of these are significant amounts, but I obviously don't want to get double taxed on any gains or get credit for a loss twice.  And, I don't understand why the same transaction would need to be entered into two different locations of the tax return.  I went ahead and entered details provided on the K1's, leaving the cost basis and sales fields blank, as none of that matched any of the fields on the K1's anyway, plus all of the cost basis and gains/losses are already in the 1099-B.  None of the K1 entries changed the TT refund/due amounts, so it appears to have just been information only.  I'm still not sure if the K1's even need to be entered, but since they sent them to me, I entered what I could, and it was time consuming and a PITA.

[DaveF1006]

Yes, since entering these had no impact on your return, these are informational only. You should still report the k-1's  since they were issued to you and also sent to the IRS.