Borkerage Statement and K-1

Forum|Forum|3 years ago
April 13, 2023
2 replies
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I am new to this. I downloaded brokerage statement from Tdameritrade into Turbotax. Then I received Schedule K-1 for UVXY shares that I traded multiple times in the year. Should I include both brokerage statement and Schedule K1 in the software. I am confused.

I actually made money in the brokerage statement on UVXY, but Schedule K1 is showing losses.

TurboTax Home & Biz Windows

guywong

Level 6

Yes, Schedule K-1's are not included in the brokerage 1099-Div forms so you will need to enter the K-1's to TurboTax separately.

Since you said you traded the limited partnership interests, the gains and losses are separately reported on the combined brokerage statements. Chance are, they are reported in the short term covered section of the combined brokerage statement. These gains and losses are in addition to the amounts reported on the Schedule K-1's.

Mike9241

Level 15

warning. the tax basis your broker is reporting is probably not correct. the broker never sees the k-1 and therefore, never adjusts the cost for the partnership profit or loss. there should be a supplemental sales schedule where the correct tax basis will be shown or calculated by you.

Mike9241