How to report USO (United States Oil Fund) K-1

[ray-mond]

I received a schedule K-1 because I bought United States Oil (USO) on Robinhood.

I have amount $48 in box 11C. It has the description "Other income - Section 1256 contracts and straddles - Reported on Form 6781, Line 1. For more instructions regarding Form 6781 please refer to the IRS' website - [www.irs.gov](https://www.irs.gov)."

How should I fill this out on Form 6781 on Turbotax? I am confused because I never traded any futures myself but it was done by the partnership. 

What Do I fill out for the following questions that Turbotax asks?

Question 1: Any Elections?

Check the box for any applicable contract and straddle? elections that you want to make.

* Mixed straddle election
* Straddle-by-straddle identification election
* Mixed straddle account election
* Net section 1256 contracts loss election

Question 2: check anything that applies

Do I check this? Section 1256 contracts marked to market

Question 3:

* Broker: ?
* 8 - Account Description: ?
* 11 - Total Profits/Loss: 48?

I am not sure what Broker was involved and what to write as the account.

another question is regarding the missing K-3. Box 16 was checked but the letter also says that K-3 won’t be available until June. Should I just uncheck that in the K-1 questionnaire?

[ray-mond]

Edit: It looks like filling out the K-1 questionnaire automatically added $48 to the Contracts and Straddles Income section without me needing to create an entry myself. Is that correct?

Additionally, I have a box11 Code I item with the description "Other income - For individuals, combine the values from lines 11 and 13w to determine whether you have a nonpassive income or loss. Reported on Schedule E, Line 28, (i) or (K)". What should I select here regarding Code I Detail?

- Recoveries

- Section 751(b) Gain or Loss

- Capital Gain that is not Portfolio Income

- Other Non-Passive Income (Loss) to be Reported on Schedule E, Page 2

- I have another description Item

My best guess is to select Other Non-Passive Income. What is the description?

[Mike9241]

just enter the 11C amount on the k-1 it will automatically carry to form 6781

What Do I fill out for the following questions that Turbotax asks?

Question 1: Any Elections?

Check the box for any applicable contract and straddle? elections that you want to make. DONT CHECK ANY BOX don't enter anything but  the 11C amount and you are done. 

* Mixed straddle election
* Straddle-by-straddle identification election
* Mixed straddle account election
* Net section 1256 contracts loss election

Question 2: check anything that applies

Do I check this? Section 1256 contracts marked to market

Question 3:

* Broker: ?
* 8 - Account Description: ?
* 11 - Total Profits/Loss: 48?

I am not sure what Broker was involved and what to write as the account.

[ray-mond]

Thanks for your help! Additionally, I have a box11 Code I item with this description: "Other income - For individuals, combine the values from lines 11 and 13q to determine whether you have a nonpassive income or loss. Reported on Schedule E, Line 28, (i) or (k)". Do I select "Other Non-Passive Income" regarding the Code I detail? It also asks for a description for this 11I item, but I don't have any other information. Do I leave it blank or put down "Other income"? Seems very generic.