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
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.
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.
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
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.
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
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.