K-1 and 1099-B how to enter properly so nothing is...
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Level 3

K-1 and 1099-B how to enter properly so nothing is duplicated

On the advice of a friend, I started experimenting with investing via M1 Finance as I could do fractional shares which made it affordable for me. So I now have a 1099-B from M1 listing all the companies I invested in and some K-1's from various L.P.s (if only I'd known how much of a pain these L.P.s are to deal with when it comes to taxes I would have never touched them but I guess we live and learn) and I'm wondering how to properly enter all the info so nothing is duplicated.

 

The amounts are very small and I'm not sure it will even make a difference in my taxes but I still want to get it done correctly. I've looked around on the forums here but can't understand what needs to be done and the one instruction I could find that I could understand, TurboTax wouldn't let me do it.

 

So I was wondering if someone can help me and walk me through step-by-step? Please? If so I'd really appreciate it!

 

Here's an example using the info for BSM, one of the L.P.s, from my M1 1099-B and the info from the K-1 they sent, in case that helps.

 

Black Stone Minerals, L.P. (BSM)         
          
1099-B:         
Quantity sold0.085410.12077       
Date Acquired11/15/201911/15/2019       
Date Sold (box 1c)12/09/201912/09/2019       
Procedes/Reported to IRS (box 1d)$1.01$1.43       
Cost or other basis$1.06$1.55       
Accrued Market Discount$0.00$0.00       
Wash Sale Loss Disallowed$0.00$0.00       
Gain/Loss-$0.05-$0.12       
          
FROM K-1:         
Form 1065         
J Partner’s share of profit, loss, and capital:BeginningEnding       
     Profit0.00%0.00%       
     Loss0.00%0.00%       
     Capital0.00%0.00%       
K Partner’s share of liabilities:BeginningEnding       
     Nonrecourse$0.00$0.00       
     Qualified nonrecourse financing         
     Recourse         
     Check this box if Item K includes liability amounts from lower tier partnerships.x        
L Partner’s Capital Account Analysis         
     Beginning capital account$0.00        
     Capital contributed during the year$15.00        
     Current year net income (loss)$0.00        
     Other increase (decrease)$0.00        
     Withdrawals & distributions-$3.00        
     Ending capital account$12.00        
1 Ordinary business income (loss)0        
2 Net rental real estate income (loss)         
3 Other net rental income (loss)         
4a Guaranteed payments for services         
4b Guaranteed payments for capital         
4c Total guaranteed payments         
5 Interest income0        
6a Ordinary dividends         
6b Qualified dividends         
6c Dividend equivalents         
7 Royalties0        
8 Net short-term capital gain (loss)         
9a Net long-term capital gain (loss)         
9b Collectibles (28%) gain (loss)         
9c Unrecaptured section 1250 gain         
10 Net section 1231 gain (loss)0        
11 Other income (loss)         
12 Section 179 deduction         
13 Other deductions         
     I0        
     J0        
     K0        
14 Self-employment earnings (loss)         
15 Credits         
16 Foreign transactions         
17 Alternative minimum tax (AMT) items         
     A0        
     D0        
     * STMT        
18 Tax-exempt income and nondeductible expenses         
     C0        
19 Distributions         
     A0        
20 Other information         
     A0        
     B0        
     T* STMT        
     * STMT        
          
Supplemental Info         
AMT Item: Oil, Gas & Geothermal-Deductions17E0       
AMT Item: Excess Intangible Drilling Costs17F10       
Sustained Depletion - Working Interests20T10       
Cost Depletion - Working Interests20T20       
Percentage Depletion in Excess of Cost Depletion - Working Interests20T30       
Sustained Depletion - Royalty Interests20T40       
Cost Depletion - Royalty Interests20T50       
Percentage Depletion in Excess of Cost Depletion - Royalty Interests20T60       
Percentage Depletion in Excess of Basis20T70       
Net Equivalent Barrels20T80       
Unrelated Business Taxable Income or Loss20V0       
Section 199A Publicly Traded Partnership (PTP) Income20Z10       
Qualified PTP Item - Section 1231 Gain (Loss)20Z20       
Qualified PTP Item - Ordinary Income on Sale of Interests20Z30       
Section 751 gain (loss)20AB0       
Excess Taxable Income20AE0       
Excess Business Interest Income20AF0       
Gross Receipts20AH10       
          
Ownership Schedule         
TRANSACTION       
DESCRIPTIONDATEUNITS     
BEGINNING OF YEAR UNITS 0.00000      
     AC Buy11/11/20190.07300       
     AC Buy11/15/20190.08500       
     AC Buy11/18/20190.04700       
     AC Buy12/9/20191.00000       
     DA Sell12/9/2019-0.20600       
          
Sales Schedule         
 123456789
 Units SoldSale DateSales
Proceeds
Purchase
Price / Initial
Basis Amount
Cumulative
Adjustments
to Basis
Cost BasisGain Subject to
Recapture as
Ordinary
Income
AMT
Gain/Loss
Adjustment
Percentage
Long Term
 0.20612/9/2019 303000.00%
Totals0.206  30300 
References  Form 8949
Column D
  Form 8949
Column E
Form 4797
Part II
Line 10,
Form 8949
Column G
Form 6251
Line 2k
 

 

A big thank you to whoever can help!

4 Replies
Expert Alumni

K-1 and 1099-B how to enter properly so nothing is duplicated

If you have a K-1 and a 1099-B for the same items and amounts you have two options.

 

  • Enter the information from the K-1 and do not enter the 1099-B information.
  • Enter the information from the 1099-B and do not enter the K-1 information.

Either of the methods will enter your information without any duplication.

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Level 3

K-1 and 1099-B how to enter properly so nothing is duplicated

Thank you for the info.

 

Seeing as the K-1 has some additional information that the 1099-B does not, can I simply delete the entries pertaining to Black Stone Minerals, L.P. from the 1099-B that was entered or will that cause problems?

Employee Tax Expert

K-1 and 1099-B how to enter properly so nothing is duplicated

Yes, you can delete the duplicated details from Form 1099-B. The problem is caused by the duplicate information received and entering it in both places. It is appropriate to enter it as you suggested, through the Schedule K-1 input. 

Level 3

K-1 and 1099-B how to enter properly so nothing is duplicated

Thank you very much! I appreciate the time both of you took to answer.

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