1099-B and K-1 Form SVXY

[ben301]

I am concerned over double counting on my sale of SVXY (a limited partnership) and saw discussions (older than 2023), so just want get the latest advice incase tax laws have changed . My ETF is SVXY, proshare sent me K-1 for this ETF. My broker 1099-B reported all the total proceeds  6012 and total cost basis 5416

I bought and sold within 2023, so short term gain.

My K-1 section L :

Capital contribution:  5417

Current year income  : 282

Withdrawls and distributions   - 5699 (this is cost basis I think)

Box 11:  C   272

Box 13:  C   272

Box 20   A :  12                B: 2

Q1: how to enter information 

On Turbo tax desktop

Do I enter sale price using 1099B number $6012

Q2: I have efiled my federal return before I receive this K-1, 1099b SHOWS  all transaction on this investments costs basis have been furnished to IRS, how do I avoid reporting double reporting on the gain of SVXY?

I saw posts by  nexchap and other experts, thank you guys, please help!

Q3:I was told K-3 FORM will arrive in June. Should I file my state tax before 4/15 as if I do not have K-1 then amend returns when I receive K-3 form

Thanks so much

Ben

[nexchap · Accepted solution]

Q1:  The K-1 form with all 0s is fine. 

Q2:  You'll have to change the cost basis on your 1099-B to $5699.  If the broker reported the incorrect cost basis, the interview will give you a choice of codes and you'd just pick the one that says the broker was wrong.  If you've already efiled, though, wait until your return is accepted before amending.

Q3:  The K3 probably won't affect your return, so waiting is unnecessary.  If it does, you can always amend again.

[ben301]

You have helped many like me. I want to thank you.

Your last reply- Q1:  The K-1 form with all 0s is fine.   Do you mean zero for all things on this screen below

including gains

2. 

Where do I go on Turbo to change cost basis for 1099-B, I have multiple stock transactions plus this SVXY limited partnership.

3. When you say the broker reported the incorrect cost basis ( my 1099 b shows 5416.35 as cost basis), how do I get  “the interview will give you a choice of codes “ to change it?

Ben

[nexchap]

1) As you display it is fine.

2 & 3) In the interview, wages and income section, investment income, there's a section that deals with 1099-B.  Alternatively, you can go into Forms, find the 1099-B 'Cap Asset Sales' worksheet, and you can edit directly on the form.  Its just not nearly as user-friendly as the interview.

[ben301]

Thanks nextchap so much!

I went to   Turbo forms , 1099-B

Is it Cap Asset Sale worksheet? , I have 

Form 8949  box A proceeds  14,389    ; cost basis 13069     adj gain 2320

I also see 

Form 8949  box D proceeds    11164; cost basis 12101, adj gain - 937

which one of the two boxes, should I adjust?

note: the numbers above already included this partnerhsip cost basis, do I just make changes, e.g., it should be $400 higher than what my broker reported, do I increase the nubmer in Box D to 12101+400

[RobertB4444]

The basis number should match the basis that you have evidence for.  If you know that your total basis is off by $400 then you increase it or decrease it by that amount.  Just make certain that you have evidence to back up the change and hold on to it.

@ben301