I have received a 1099B from Schwab that shows partnership distribution but it says it is not reported to IRS. After searching for how to report this income it always mentioned values from a K-1 form, but I don't have a K-1 and the stock is held by Schwab so how do I report this income?
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It sounds as if this is a publicly traded partnership (PTP).
You actually don't enter your Partnership cash distributions anywhere on your personal tax return, despite the fact that they are often reported as an "other" item by your brokerage firm on Form 1099.
You need to wait for the K-1, which the PTP should mail to you sometime in March. It is the K-1 that should be entered into your tax return.
To enter information from Schedule K-1 when you receive it, please follow these steps:
TurboTax CD/Download
TurboTax Online
It sounds as if this is a publicly traded partnership (PTP).
You actually don't enter your Partnership cash distributions anywhere on your personal tax return, despite the fact that they are often reported as an "other" item by your brokerage firm on Form 1099.
You need to wait for the K-1, which the PTP should mail to you sometime in March. It is the K-1 that should be entered into your tax return.
To enter information from Schedule K-1 when you receive it, please follow these steps:
TurboTax CD/Download
TurboTax Online
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