topic 1099 and K1 lead to reporting twice? in Business & farm

1099 and K1 lead to reporting twice?

brfiesin — Sat, 01 Jun 2019 20:06:04 GMT

I received a K-1 for an investment, but the same investment is also listed on my 1099 from my broker.

When I fill out the K1 information in turbo tax, I end up entering my gain/loss.

Then turbotax appears to treat it as two separate assets/sales, once under the k1 and once under the 1099.

Anyone know how to do this so I don't have to pay double tax?

Assuming you've got everything entered properly and the o...

TomYoung — Sat, 01 Jun 2019 20:06:05 GMT

Assuming you've got everything entered properly and the only issue is that the sale is reported twice, (with the same "proceeds" but with different gain/loss amounts, presumably), then simply delete the 1099-B entry by going back to the "Stocks, Mutual Funds, Bonds, Other" interview and deleting that trade.

Tom Young

Thank you!

brfiesin — Sat, 01 Jun 2019 20:06:06 GMT

Thank you!

was the investment a publicly traded partnership? if so t...

Anonymous — Sat, 01 Jun 2019 20:06:08 GMT

was the investment a publicly traded partnership? if so the 1099 is wrong as to basis and is should be in the section basis not reported to irs. along with k-1 there should be a separate worksheet to calculate your gain/loss on sale including any ordinary income recapture. substitute the basis from the worksheet so your capital gain/loss is correct. check final k-1 (if you sold all) on k-1 worksheet. any the box that applies then click on the quickzoom icon to enter disposal info. another window will open complete part II read the note below #4

however, i can't give you difinitive instructions of how or where to show ordinary gain. it supposed to appear on 4797 part II line 10. and then there's the question as to whether or not this is QBI.

Thank you! Having a hard time following this. It is a pub...

brfiesin — Sat, 01 Jun 2019 20:06:26 GMT

Thank you! Having a hard time following this. It is a publicly traded partnership. It sounds like the 1099 is the issue and I should be following the K1?