topic inaccurate schedule K-1 on UVXY trades in Get your taxes done using TurboTax

inaccurate schedule K-1 on UVXY trades

compy169 — Tue, 31 Mar 2020 17:58:06 GMT

I just got the Schedule K-1 on UVXY trades and said I need to correct it.

I checked the trades and they are correct. When I submit it without any changes, it complains on "Transaction Balance can not be negative." due to I have short sales first then buying them back on later dates. Can I just ignore the inaccurate schedule K-1 and go ahead to begin with my TurboTax filing?

Re: inaccurate schedule K-1 on UVXY trades

ThomasM125 — Tue, 31 Mar 2020 19:13:16 GMT

If you have an error message in TurboTax, you will not be able to e-file your tax return. Also, if you mail the return in you will not be covered by TurboTax's accuracy guarantee.

It sounds like you have negative basis reported for some investment sales. If so, you will have to correct that to be able to e-file your tax return.

Re: inaccurate schedule K-1 on UVXY trades

compy169 — Tue, 31 Mar 2020 19:41:08 GMT

Thanks for the reply!

It's not the TurboTax giving me error, I haven't started yet.

It's the schedule K-1 I received from Proshares (UVXY) said the info is inaccurate and I need to correct it.

It seems like they don't like negative shares # due to my short sales.

I couldn't correct it since it's sorted by the dates.

Re: inaccurate schedule K-1 on UVXY trades

ThomasM125 — Tue, 31 Mar 2020 19:50:51 GMT

You need to enter the correct information on your tax return. If that means that the information you enter does not agree with what is on the K-1 schedule, it may invite an inquiry by the IRS at a later date, but you should enter the correct information on your tax return.