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Level 1
posted Apr 11, 2024 12:02:45 PM

K-1 data import

When importing data from a brokerage (Vanguard, et al) K-1 data seems to be included. Do I also need to manually enter data in the K-1 importing reporting section? Does this result in taxing the same income twice, or does the IRS flag it as income not reported?

 

0 1 1960
1 Replies
Expert Alumni
Apr 14, 2024 10:44:01 AM

Are you seeing brokerage information that duplicates K-1 partnership information?  Do you invest in publicly traded partnerships through your broker?

 

If so, you may see information posted by your broker as well as reported on an IRS Schedule K-1.  Post if you have questions.