Help filing final K-1 form due to trading UVXY ETF in 2024

[statusquo]

Hi,

I traded UVXY (proshares ultra vix short term futures ETF) last year which appears to be a publicly traded partnership (PTP). I didn't even know this was going to be this complicated when it comes to filing tax.

I filed my tax earlier this year and then schedule K-1 and K-3 (form 1065) was sent to me afterward. I am amending my tax to include this schedule. I had done some research around here and had been using this as a guide https://ttlc.intuit.com/community/taxes/discussion/help-filling-out-sale-information-for-final-k-1/0... with some differences. Mine doesn't appear to be as complex since I traded Proshares Short Term Futures ETF (UVXY). Also I used this one too https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/form-k1-and-1099-b-av... but I have a few questions as I'm trying to finalize my amended tax. 

Here is my case.

1. When I filed my tax earlier this year, I had included the capital gains for UVXY that was part of form 1099B. I paid tax on this already.
2. I got schedule K-1 (and K-3). Schedule K-1 was mailed to me but for some reasons, I saw schedule K-3 when I got an E-copy of K-1. 
3. I entered the information on schedule K-1 and K-3 in Turbotax desktop
4. It appears to generate a copy 2 of form 8949 with the UVXY info (based on what I entered)
   1. This is marked with (C) short-term transactions not reported to you on Form 1099-B
5.  Form 6781 was also created to include the section 1256 contracts and straddles based on Schedule K-1 box 11 (C) Other Income (loss)
6. After I entered all of the information on schedule K-1, I noticed my money owe went up a few dollars

Now, do I need to make any adjustment to form 8949 (copy 1) where all my trades are recorded?

This is the part I'm not  sure about.

.

Here are the details of what I did in Turbotax

1. Choose the Type of Partner 
   1. Selection: Limited Partner or Other LLC Member
2. Type of partner 
   
   1. Selection: domestic partner 
3.  Percentage of your share
   
   1. Selection: didn't enter anything. This was where I had to enter Profit, loss, capital on beginning and ending columns
4.  enter your liability share
   
   1. Selection: didn't enter anything here as well. This is Nonrecourse, Qualified Nonresource, Recourse on beginning and ending columns.
5. Enter capital Account Information (basically matching row L in K-1 form)
   
   1. Opening capital account: 0
   2. capital contributed during 2024: 19,610
   3. current year net income (loss): 3061
   4. Other increase (decrease): 0
   5. withdrawls and distributions: -22,671
   6. ending capital account: 0
6. Describe the partnership 
   
   1. Selection: selected both "This is a publicly traded partnership" and "this partnership ended in 2024"
7. Describe partnership disposal 
   
   1. Selection: Complete disposition
8.  Tell us about your sale
   
   1. Selection: Sold partnership Interest
9. Enter Sales Dates 
   
   1. Selection: The purchase time and sold time varied but I entered purchase date as the first day I entered the position and sale date as last date I sold the remaining shares.
   2. Let me know if this is correct?
10. Enter Sale Information  (there were 2 columns)
    
    1. Regular Gain or Loss Column
       1. Sales Price: 23,810 (this was a bit confusing to me but I ended up using the sale proceeds for UVXY in form 1099B)
       2. Selling Expense: left this blank
       3. Partnership Basics: 22,671 (I used the value on row L in form K-1)
       4. Ordinary Gain: left blank
       5. 1250 Gain: left blank (since box 9c on form K-1 was empty)
    2. AMT Gain or Loss
       1. Partnership Basis: 22,671
       2. Ordinary Gain: left blank
       3. 1250 GainL left blank
11. Review Investment Gain or Loss on Sale
    1. Shorter-term Gain (Loss): 1,139 on both columns "regular gain or loss" and "AMT Gain or loss"
    2. Long-Term Gain (Loss): both columns zero
12.  Choose Type of Activity
    
    1. Selection: Other
13. I checked the boxes that have an amount which were boxes 5, 8 (this is 0), 11 (with C designation), 13 (AE designation), 16 (checked marked), and 20 (with A and B designation)
14.  Enter info from boxes 4-7
    
    1. box 5: 45
    2. box 8: 0
    3. Box 11: C - sec. 1256 contracts and straddles: 3,026
    4. Box 13: AE - Deductions - portfolio Income: 10
    5. Yes box 16 is checked
15. Proceeded to enter form K-3 in Turbotax 
16.  Enter gross income info
    
    1. Foreign Gross Income - gross income sourced at partner (column F): 3026
    2. foreign gross income - gross income from all sources (column G): 3,071
17.  Enter deduction info (I think this one is coming from box 13)
    
    1. Deduction allocated at individual level - interest expense (column F - sum of lines 39-43): 0
    2. Deduction allocated at individual level - Other (column F - line 54 minus sum of lines 39-43): 10
18. Enter foreign tax info 
    
    1. left all boxes empty
19.  Enter Income Detail (got to this page where TT pre-filled)
    1. Gross Income: 3,026 (total and US. source columns)
    2. Other expenses: 10 (total and US source columns)
20. Enter box 20 Info 
    
    1. A - Investment income: 45
    2. B - investment expenses: 10
21. Describe the partnership 
    
    1. Left it all blank but options were (sorry for typos, typing as fast as I can):
       1. I am required to pay supplmental business expenses on behalf of this partnership/llc for which I am not reimbursed
       2. i have passive inactivity losses carried over from last year
       3. all of my investment in this activity is at risk
       4. i have at-risk losses carrying over from 2023
       5. i personally paid health insurance and/or long-term care insurance preiums ofr. myself and for my family
       6. i have passive activitiy credits to claim from this publicly traded partnership (this is not common)

That's it and it went back to the summary page and I clicked Done. Let me know if I should include an image of part III of form K-1 in here for clarity.

Can someone help me verify if what I entered were correct?

As mentioned above, I saw form 6781 and 8949 (copy 2) generated (copy 1 has all my stock trades info). My tax owed went up a few bucks. I had already paid the UVXY capital gain when I filed earlier this year.

Now I don't know if I need to make any adjustment to the cost basis for UVXY in form 8949 (copy 1). Can someone please help me?

@Rick19744, appreciate your help if you are available to take a look at my question. Sorry, only pinging you because I saw you had help people with schedule K-1 questions.

Anyone who is also available, I appreciate the help as well. I know this is late and I only got 3 days left to e-file this amended tax return.

[Mike9241]

Here is my case.

1. When I filed my tax earlier this year, I had included the capital gains for UVXY that was part of form 1099B. I paid tax on this already.

the basis on the 1099-B is probably wrong (none of the partnership activity that affects your basis is recorded by the broker). you need to compute basis using the sales schedule provided by the partnership

2. got schedule K-1 (and K-3). Schedule K-1 was mailed to me but for some reasons, I saw schedule K-3 when I got an E-copy of K-1.

3. i entered the information on schedule K-1 and K-3 in Turbotax desktop. OK 

4. It appears to generate a copy 2 of form 8949 with the UVXY info (based on what I entered)This is marked with (C) short-term transactions not reported to you on Form 1099-B OK but see above as to tax basis 

5.  Form 6781 was also created to include the section 1256 contracts and straddles based on Schedule K-1 box 11 (C) Other Income (loss) OKAfter I entered all of the information on schedule K-1,

6. I noticed my money owe went up a few dollars IT HAPPENS IF THERE IS NET INCOME 

****************************************************************************

Here are the details of what I did in Turbotax

1. Choose the Type of Partner 
   1. Selection: Limited Partner or Other LLC Member  USE WHAT'S ON THE K-1
2. Type of partner 
   
   1. Selection: domestic partner SEE 1 BOLDED
3.  Percentage of your share
   
   1. Selection: didn't enter anything. This was where I had to enter Profit, loss, capital on beginning and ending columns
4.  enter your liability share
   
   1. Selection: didn't enter anything here as well. This is Nonrecourse, Qualified Nonresource, Recourse on beginning and ending columns.
5. Enter capital Account Information (basically matching row L in K-1 form)
   
   1. Opening capital account: 0
   2. capital contributed during 2024: 19,610
   3. current year net income (loss): 3061
   4. Other increase (decrease): 0
   5. withdrawls and distributions: -22,671
   6. ending capital account: 0 L FOR 3 THROUGH 5 A WASTE OF TIME BECAUSE TURBOTAX DOESN'T USE THESE NUMBERS AT ALL
6. Describe the partnership 
   
   1. Selection: selected both "This is a publicly traded partnership" and "this partnership ended in 2024"
7. Describe partnership disposal 
   
   1. Selection: Complete disposition
8.  Tell us about your sale
   
   1. Selection: Sold partnership Interest
9. Enter Sales Dates 
   
   1. Selection: The purchase time and sold time varied but I entered purchase date as the first day I entered the position and sale date as last date I sold the remaining shares.
   2. Let me know if this is correct? 6 THROUGH 9 OK 
10. Enter Sale Information  (there were 2 columns)
    
    1. Regular Gain or Loss Column
       1. Sales Price: 23,810 (this was a bit confusing to me but I ended up using the sale proceeds for UVXY in form 1099B)
       2. Selling Expense: left this blank
       3. Partnership Basics: 22,671 (I used the value on row L in form K-1)
       4. Ordinary Gain: left blank
       5. 1250 Gain: left blank (since box 9c on form K-1 was empty)
    2. AMT Gain or Loss
       1. Partnership Basis: 22,671
       2. Ordinary Gain: left blank
       3. 1250 GainL left blank 10 AND 11 IN THE SALES ECTION OF THE K-1 (NOT THE 8949) THE ONLY THING REPORTED HERE IS SECTION 751 GAIN. LINE 20AB OF K-1 IF PRESENT AND ITS ORDINARY. THIS IS DEPRECITION RECAPTURE. IT IS DOUBTFUL THAT THE PARTNERSHIP REPORTED ANY ON EITHER 20AB OR THE SALE SCHEDULE SO ALL YOU ENTER IS SALES PRICE 0 BASIS O ORDINARY GAIN 0
11. Review Investment Gain or Loss on Sale
    1. Shorter-term Gain (Loss): 1,139 on both columns "regular gain or loss" and "AMT Gain or loss"
    2. Long-Term Gain (Loss): both columns zero/ YOU HABE JUST DOUBLE REPORTED THE SALE. THIS IS TREATED AS A SEPARATE SALE FROM WHATS REPORTED ON THE 8949 AND WILL LIKLEY APPEAR ON FORM 8949 TYPE C SHORT-TERM SALES PROCEEDS AND BASIS NOT REPORTED TO THEIRS. THIS DUBLICATES WHAT SHOULD BE TYPE B ON THE 8949
12.  Choose Type of Activity
    
    1. Selection: Other
13. I checked the boxes that have an amount which were boxes 5, 8 (this is 0), 11 (with C designation), 13 (AE designation), 16 (checked marked), and 20 (with A and B designation)
14.  Enter info from boxes 4-7
    
    1. box 5: 45
    2. box 8: 0
    3. Box 11: C - sec. 1256 contracts and straddles: 3,026
    4. Box 13: AE - Deductions - portfolio Income: 
    5. JUST ENTER THE NUMEBERS THAT APPEAR IN THE BOXES IN PART III THROUGH LINE 18. LINE 19 ISN'T USED BY TURBOTAX
       1. Yes box 16 is checked
15. Proceeded to enter form K-3 in Turbotax YOUR ON YOUR OWN BUT IT PROBABLY DOESN'T MATTER SINCE THE FOREIGN TAX CREDIT IS ZERO
16.  
17.  Enter gross income info
    
    1. Foreign Gross Income - gross income sourced at partner (column F): 3026
    2. foreign gross income - gross income from all sources (column G): 3,071
18.  Enter deduction info (I think this one is coming from box 13)
    
    1. Deduction allocated at individual level - interest expense (column F - sum of lines 39-43): 0
    2. Deduction allocated at individual level - Other (column F - line 54 minus sum of lines 39-43): 10
19. Enter foreign tax info 
    
    1. left all boxes empty
20.  Enter Income Detail (got to this page where TT pre-filled)
    1. Gross Income: 3,026 (total and US. source columns)
    2. Other expenses: 10 (total and US source columns)
21. Enter box 20 Info 
    
    1. A - Investment income: 45
    2. B - investment expenses: 10
22. Describe the partnership 
    
    1. Left it all blank but options were (sorry for typos, typing as fast as I can):
       1. I am required to pay supplmental business expenses on behalf of this partnership/llc for which I am not reimbursed
       2. i have passive inactivity losses carried over from last year
       3. all of my investment in this activity is at risk
       4. i have at-risk losses carrying over from 2023
       5. i personally paid health insurance and/or long-term care insurance preiums ofr. myself and for my family
       6. i have passive activitiy credits to claim from this publicly traded partnership (this is not common)

That's it and it went back to the summary page and I clicked Done. Let me know if I should include an image of part III of form K-1 in here for clarity.

Can someone help me verify if what I entered were correct?

As mentioned above, I saw form 6781 and 8949 (copy 2) generated (copy 1 has all my stock trades info). My tax owed went up a few bucks. I had already paid the UVXY capital gain when I filed earlier this year.

[statusquo]

Hi @Mike9241, Really appreciate the reply.

I marked your answer in RED, my updated follow up in GREEN. Original question is still in black.

At the very bottom, I included a couple images of my redacted schedule K-1 if this helps clarify (and hopefully help someone else in the future).

Here is my case.

1. When I filed my tax earlier this year, I had included the capital gains for UVXY that was part of form 1099B. I paid tax on this already.

the basis on the 1099-B is probably wrong (none of the partnership activity that affects your basis is recorded by the broker). you need to compute basis using the sales schedule provided by the partnership
This is the part I don't understand. How would I adjust this based on my UVXY 1099B sales and scheduled K-1 (images attached at the bottom.

2. got schedule K-1 (and K-3). Schedule K-1 was mailed to me but for some reasons, I saw schedule K-3 when I got an E-copy of K-1.

3. i entered the information on schedule K-1 and K-3 in Turbotax desktop. OK 

4. It appears to generate a copy 2 of form 8949 with the UVXY info (based on what I entered)This is marked with (C) short-term transactions not reported to you on Form 1099-B OK but see above as to tax basis 

5.  Form 6781 was also created to include the section 1256 contracts and straddles based on Schedule K-1 box 11 (C) Other Income (loss) OKAfter I entered all of the information on schedule K-1,

6. I noticed my money owe went up a few dollars IT HAPPENS IF THERE IS NET INCOME 

****************************************************************************

Here are the details of what I did in Turbotax

1. Choose the Type of Partner 
   1. Selection: Limited Partner or Other LLC Member  USE WHAT'S ON THE K-1
      Yes, that's what I entered as. I was saying I selected "Limited Partner or Other LLC Member" option to match with the schedule K-1.
      
2. Type of partner 
   
   1. Selection: domestic partner SEE 1 BOLDED
3.  Percentage of your share
   
   1. Selection: didn't enter anything. This was where I had to enter Profit, loss, capital on beginning and ending columns
4.  enter your liability share
   
   1. Selection: didn't enter anything here as well. This is Nonrecourse, Qualified Nonresource, Recourse on beginning and ending columns.
5. Enter capital Account Information (basically matching row L in K-1 form)
   
   1. Opening capital account: 0
   2. capital contributed during 2024: 19,610
   3. current year net income (loss): 3061
   4. Other increase (decrease): 0
   5. withdrawls and distributions: -22,671
   6. ending capital account: 0 L FOR 3 THROUGH 5 A WASTE OF TIME BECAUSE TURBOTAX DOESN'T USE THESE NUMBERS AT ALL
      GOT IT. But it appears I still have to enter it in based on the questions in Turbotax.
      
6. Describe the partnership 
   
   1. Selection: selected both "This is a publicly traded partnership" and "this partnership ended in 2024"
7. Describe partnership disposal 
   
   1. Selection: Complete disposition
8.  Tell us about your sale
   
   1. Selection: Sold partnership Interest
9. Enter Sales Dates 
   
   1. Selection: The purchase time and sold time varied but I entered purchase date as the first day I entered the position and sale date as last date I sold the remaining shares.
   2. Let me know if this is correct? 6 THROUGH 9 OK 
10. Enter Sale Information  (there were 2 columns)
    
    1. Regular Gain or Loss Column
       1. Sales Price: 23,810 (this was a bit confusing to me but I ended up using the sale proceeds for UVXY in form 1099B)
       2. Selling Expense: left this blank
       3. Partnership Basics: 22,671 (I used the value on row L in form K-1)
       4. Ordinary Gain: left blank
       5. 1250 Gain: left blank (since box 9c on form K-1 was empty)
    2. AMT Gain or Loss
       1. Partnership Basis: 22,671
       2. Ordinary Gain: left blank
       3. 1250 GainL left blank 10 AND 11 IN THE SALES ECTION OF THE K-1 (NOT THE 8949) THE ONLY THING REPORTED HERE IS SECTION 751 GAIN. LINE 20AB OF K-1 IF PRESENT AND ITS ORDINARY. THIS IS DEPRECITION RECAPTURE. IT IS DOUBTFUL THAT THE PARTNERSHIP REPORTED ANY ON EITHER 20AB OR THE SALE SCHEDULE SO ALL YOU ENTER IS SALES PRICE 0 BASIS O ORDINARY GAIN 0
          I'm not clear on this one. Do you mean this?
          1. Re-enter 10.1 above as shown below
          
          1. Sales Price: 0
          2. Selling Expense: left this blank
          3. Partnership Basics: 0
          4. Ordinary Gain: 0
          5. 1250 Gain: left blank
             
             What about 10.2? should I enter 0 in the Partnership Basis box?
11. Review Investment Gain or Loss on Sale
    1. Shorter-term Gain (Loss): 1,139 on both columns "regular gain or loss" and "AMT Gain or loss"
    2. Long-Term Gain (Loss): both columns zero/ YOU HABE JUST DOUBLE REPORTED THE SALE. THIS IS TREATED AS A SEPARATE SALE FROM WHATS REPORTED ON THE 8949 AND WILL LIKLEY APPEAR ON FORM 8949 TYPE C SHORT-TERM SALES PROCEEDS AND BASIS NOT REPORTED TO THE IRS. THIS DUBLICATES WHAT SHOULD BE TYPE B ON THE 8949
       This was generated from TT after I entered the information from 10.1 and 10.2 above (before your suggestion but I'm not sure). 
       
12.  Choose Type of Activity
    
    1. Selection: Other
13. I checked the boxes that have an amount which were boxes 5, 8 (this is 0), 11 (with C designation), 13 (AE designation), 16 (checked marked), and 20 (with A and B designation)
14.  Enter info from boxes 4-7
    
    1. box 5: 45
    2. box 8: 0
    3. Box 11: C - sec. 1256 contracts and straddles: 3,026
    4. Box 13: AE - Deductions - portfolio Income: 
    5. JUST ENTER THE NUMEBERS THAT APPEAR IN THE BOXES IN PART III THROUGH LINE 18. LINE 19 ISN'T USED BY TURBOTAX
       Yes, all matching boxes were entered in TT
       
       1. Yes box 16 is checked
15. Proceeded to enter form K-3 in Turbotax YOUR ON YOUR OWN BUT IT PROBABLY DOESN'T MATTER SINCE THE FOREIGN TAX CREDIT IS ZERO
    I entered what TT mentioned which I thought was quite clear. Most of the field in my K-3 were empty.
16.  Enter gross income info
    
    1. Foreign Gross Income - gross income sourced at partner (column F): 3026
    2. foreign gross income - gross income from all sources (column G): 3,071
17.  Enter deduction info (I think this one is coming from box 13)
    
    1. Deduction allocated at individual level - interest expense (column F - sum of lines 39-43): 0
    2. Deduction allocated at individual level - Other (column F - line 54 minus sum of lines 39-43): 10
18. Enter foreign tax info 
    
    1. left all boxes empty
19.  Enter Income Detail (got to this page where TT pre-filled)
    1. Gross Income: 3,026 (total and US. source columns)
    2. Other expenses: 10 (total and US source columns)
20. Enter box 20 Info 
    
    1. A - Investment income: 45
    2. B - investment expenses: 10
21. Describe the partnership 
    
    1. Left it all blank but options were (sorry for typos, typing as fast as I can):
       1. I am required to pay supplmental business expenses on behalf of this partnership/llc for which I am not reimbursed
       2. i have passive inactivity losses carried over from last year
       3. all of my investment in this activity is at risk
       4. i have at-risk losses carrying over from 2023
       5. i personally paid health insurance and/or long-term care insurance preiums ofr. myself and for my family
       6. i have passive activitiy credits to claim from this publicly traded partnership (this is not common)

That's it and it went back to the summary page and I clicked Done. Let me know if I should include an image of part III of form K-1 in here for clarity.

Can someone help me verify if what I entered were correct?

As mentioned above, I saw form 6781 and 8949 (copy 2) generated (copy 1 has all my stock trades info). My tax owed went up a few bucks. I had already paid the UVXY capital gain when I filed earlier this year.

My 1099B for UVXY sale

Form-1099B-uvxy

Schedule K-1

schedule-k-1-page-1

Schedule K-1 Sales Schedule with supplement information.

schedule-k-1-page-2

[Mike9241 · Accepted solution]

first you have to start your amended return and then access the 1099-B/8949/capital asset sales worksheet where these sales are reported. if you imported, I'm not sure Turbotax allows changing the cost basis or entering an adjustment but you can try. Your broker is incorrect in reporting your tax basis to the IRS (BOX A) because it does not know it as you can see by the sales schedule. Maybe latter it issued a corrected 1099-B. the sales should have been shown as BOX B (tax basis not reported to IRS).

******************** 

however that's a technicality that I wouldn't mess with unless the broker issued a corrected 1099-B,

The IRS does allow making adjustments when the cost basis reported to it is incorrect. your adjustment amount is 22671-19613=3058. what you are doing is reducing the reported gain. thus the adjustment is entered as a negative amount to reduce the reported gain to 1139 (4197-3058).

to allocate the adjustment - number of share reported as sold on the line divided by total shares sold) times -3058. use adjustment code B which tells the IRS the tax basis reported is incorrect.

************************

i don't know if you what version you're using. if you switch to forms mode (desktop versions only) go to the k-1 disposition link. when that page opens see what is said about reporting sale of PTP/MLP. in short it says to use zero as the sales price (line 5) and basis (line 7). This is correct in your situation because there is no section 751 gain. it's incorrect when that situation exists.  For the amt column use 0 as partnership basis. there is no gain or loss to be reported in this section. Everything is through the form 8949

*****************************************

Turbotax asks for info that is not needed and is not used by the program. Some can be skip by clicking continue. other info even if not used can't be skipped (bad programming by Turbotax) However, if you aren't sure what those are, then it's better to answer than skip something that might be important. Such questions do not exist in the apps used by tax pros. 

***************************************

you are correct that reporting PTPs/MLPs is a royal pain in the neck even for tax pros. 

*****************************************************

the real nightmare is investing in one that just invests in others. you get one master k-1 and also a k-1 for each sub partnership. Had one case where there were 50 sub k-1s. The rules say each is to be separately reported. so that's 50 separate k-1s and a bill to the client to match.      

******************************************************************

if you imported and Turbotax won't let you enter the adjustment. then try deleting those entire lines. you then have to use the capital asset sales worksheet to manually reenter the necessary data 

[statusquo]

Thanks for the reply and help.

I'm using TT Desktop Premier.

The IRS does allow making adjustments when the cost basis reported to it is incorrect. your adjustment amount is 22671-19613=3058. what you are doing is reducing the reported gain. thus the adjustment is entered as a negative amount to reduce the reported gain to 1139 (4197-3058).

to allocate the adjustment - number of share reported as sold on the line divided by total shares sold) times -3058. use adjustment code B which tells the IRS the tax basis reported is incorrect.

I can't make an adjustment if I go to the Forms but if I go to "Investment Income" under "Wages & Income", I can can view my imported 1099B and it appears I can modify it (there is an edit button). 

Is this where I make the changes? see attached image below.

If so, I would like to understand if I can choose one of the line and add the cost basis by 3058 amount so that the gain/loss will be negative. If I add all of the gain/loss, it will still be 1139 as reported.

Example: if I pick the first line below and increase the cost basis by 3,058, so from $9,313.16 to $12,371.16. This will have a loss of -1,664.36 but adding all the gains up will be $1,139.

Am I understanding this correctly?

uvxy-as-reported-on-1099B

Also TT had already generated a copy 2 of 1099B (copy 1 being the original one with box A checked) based on the information I had entered as described in my original post. 

Is this already an adjustment? that's the confusing part to me.

1099B copy 2

Thanks again for your help!

[Mike9241]

i think you are doing it incorrectly. none is type C. this means proceeds not reported to IRS but it got 1099-B reporting proceeds so you will get a notice or perhaps you're double counting. in forms mode you go to the worksheet where the transactions are shown and make the adjustment for each 

[statusquo]

Is it the check mark in box C in Form 8949 (copy 2) wrong or is the entire Form 8949 (copy 2) as shown above wrong?

Form 8949 (copy 2) was auto generated after I filled out Schedule K-1 Form 1065 as I followed TT guidance and some help from this similar case. 

I'm looking back at my steps and trying to determine which steps were wrong. Can you help me see which steps above could produce such results in Form 8949 (copy 2)?

[statusquo]

Hi @Mike9241 

After re-reading your answer in the steps 10 and 11 above, I went back and enter 0 in the "Enter Sale Information" section and then after that the Form 8949 (copy 2) disappeared in form mode. 

I was able to adjust the imported 1099B from my broker (using TT Desktop). I adjusted each line of UVXY by following your formula:

# of shares reported as sold on the line  x (-3058)

                total shares sold

I have sold a total of 975 shares, so on line with 450 shares of UVXY sold, it would be

450*(-3058) / 975 = -1411.38  <=== adjustment value

1. With this value, I applied the adjustment to the UVXY line with 450 shares on the imported 1099B and clicked on "The cost basis is incorrect or missing on my 1099‑B" checkbox.
2. It would take me to the "We noticed there's an issue with your cost basis...Let us know if you'd like to make any changes"
3. I chose "I know my cost basis and need to make an adjustment" and added my actual cost basis
4. For the actual cost basis, I had to add this value by the original reported cost basis, which is 9313.16. So the actual cost basis is 9313.16 + 1411.38 = 10724.54
5. After that I would get Capital Gain/Loss Adjustments Worksheet (attached image below). Notice the -1411.38 adjusted value.
6. I did the same for the 3 other lines with different shares of UVXY, so in total I got 4 worksheets.
7. I noticed Form 8949 (Copy 1) line 2 (totals) were updated after I did this adjustment. 

I calculated after adjustment of 4 lines of UVXY, my net gain was adjusted to 1139.

Can you help me check if this the correct way to do the adjustment on my 1099B form, specially item #4 above? I'm hoping to file this amendment tomorrow 🙏

I also checked the K-1 disposition link (in form mode), in part II (disposition of partnership Interest), lines 5 to 12 are 0 (line 6 and 11 are blank though).

uvxy-adjusted-1-worksheet