3062050
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Schedule K-1s from Securities (ETFs) companies vs. 1099 form from brokerages. Do I enter both?

I asked this previously and still a little confused. I have been trading leveraged ETFs this year and I got a handful of K-1s from the companies that provide them (i.e. Proshares, etc.). I also got my 1099 forms from my brokerages. Do I enter these transactions (loss or gain either way) from the K-1s in my filing? Someone said I don't need to if they are included in the 8949 forms of transactions from the brokerage 1099s. Is there any time or reason these transactions would not be a part of the 1099s from the brokerages? This confuses me. Or, do I have to double enter these transactions? Is it possible I could taxed twice? Any help is appreciated?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Schedule K-1s from Securities (ETFs) companies vs. 1099 form from brokerages. Do I enter both?

the one's you received k-1's from are publicly traded partnerships (PTP). you need to report the k-1 info for each. the broker's 1099's does not include the partnerships' income and any distribution you received from them should be not be on any line of the 1099-Div. however, if you sold any of them the 1099-B does not reflect the correct cost basis because the broker does not know their activity (profit/loss/distributions)  and adjust tax basis accordingly.   each one you sold should have included in its K-1 package a supplemental schedule from which you can compute the ordinary 751 gain (will be a separate column on that schedule and line 20ab of the k-1) , if any, and the capital gain/loss on sale. since the 1099-B report's the wrong tax basis the 8949 instructions say to follow the following procedure to report the correct cost basis 

 

use with code B

• If this transaction is reported on a Part I with box B
checked at the top or if this transaction is reported on a
Part II with box E checked at the top, enter the correct
basis in column (e), and enter -0- in column (g).

 

box B and E indicate tax basis was not reported to the IRS which is proper for PTP sales. 

 

reliance on someone that doesn't know the rules for tax reporting can get you in a lot of trouble.

 

Schedule K-1s from Securities (ETFs) companies vs. 1099 form from brokerages. Do I enter both?

I'm not relying on anyone, but just getting a foundation of understanding. So you do know the rules well?

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question