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bentyr1
Returning Member

Bought and sold BOIL ETF as a non US resident, received K1 what to do?

I bought and sold shares of BOIL ETF as a non-US resident and received a k1.

Am i supposed to do anything with this?

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1 Reply
KristinaK
Employee Tax Expert

Bought and sold BOIL ETF as a non US resident, received K1 what to do?

Various situations may affect the filing requirements. But let's assume that you are a nonresident alien partner not engaging in trade or business in the US. 

 

1. If you are a nonresident alien who is a partner of a US partnership but does not engage in trade or business in the US, and your Schedule K-1 shows only income that is reported on lines 1 through 12 on Schedule NEC (Form 1040-NR), then an exception applies and you are not required to file. 

2. On the other hand, the partnership is required to withhold 30% of gross income received by nonresident aliens and pay it to the IRS on your behalf. If they did, it's possible that they over-withheld, and by filing a return you could get a tax refund. 

TurboTax doesn't support Form 1040-NR but you may use the partner site that does handle the form. 

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