I did some stock day trading in 2020. I bought and sold them short term. I received 1099 from brokerage platform. Now I started receiving K-1 forms, some sort of partnership. What do I do with them?
TurboTax has an interview for each of those documents that matches the boxes and lines on your forms. You will simply go through the interview topics and enter the requested data from those forms you received.
First the form 1099B for your stock sales. You enter that form in the "Investment Income" section in the "Wages & Income" tab.
- Scroll down to the "Investment Income" section
- Click "Show More"
- "Start/revisit" the "Stocks, Mutual funds...(1099B)" topic.
Next for your form K-1. You will enter that form in the "SCorps, Partnerships, and Trusts" section under the "Wages & Income" tab.
- Scroll down to the "SCorps, Partnerships, and Trusts" section
- Click "Show More"
- "Start/revisit" the "Form K1" topic.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
if you received a k-1 from an entity you held in your brokerage a/c you need to carefully enter the k-1 data. it is also likely that Part 1 BOX D was checked. you must do the same in TurboTax. if you sold it things become more complex. the broker only has your purchase cost which is unlikely to be the same as your tax basis. if you sold it then along with the K-1 there will be a sales schedule that will allow you to compute your tax basis which is what you have to use rather than what's on the brokers's statement.
in addition, there may be a column reporting amount to be reported on form 4797 line 10. in the interview process, it will go through the section for the sale that needs to be reported through K-1 sales entries. it's important you do not report the broker's sales price here. you'll be doubling up. what's reported here for sales price is the ordinary income, cost 0, and the ordinary income amount