1099-B and K-1 Form SVXY

Forum|Forum|2 years ago
April 3, 2024
1 reply
0 views

I am concerned over double counting on my sale of SVXY (a limited partnership) and saw discussions (older than 2023), so just want get the latest advice incase tax laws have changed . My ETF is SVXY, proshare sent me K-1 for this ETF. My broker 1099-B reported all the total proceeds 6012 and total cost basis 5416

I bought and sold within 2023, so short term gain.

My K-1 section L :

Capital contribution: 5417

Current year income : 282

Withdrawls and distributions - 5699 (this is cost basis I think)

Box 11: C 272

Box 13: C 272

Box 20 A : 12 B: 2

Q1: how to enter information

On Turbo tax desktop

Do I enter sale price using 1099B number $6012

Q2: I have efiled my federal return before I receive this K-1, 1099b SHOWS all transaction on this investments costs basis have been furnished to IRS, how do I avoid reporting double reporting on the gain of SVXY?

I saw posts by nexchap and other experts, thank you guys, please help!

Q3:I was told K-3 FORM will arrive in June. Should I file my state tax before 4/15 as if I do not have K-1 then amend returns when I receive K-3 form

Thanks so much

Ben

Best answer by nexchap

Q1: The K-1 form with all 0s is fine.

Q2: You'll have to change the cost basis on your 1099-B to $5699. If the broker reported the incorrect cost basis, the interview will give you a choice of codes and you'd just pick the one that says the broker was wrong. If you've already efiled, though, wait until your return is accepted before amending.

Q3: The K3 probably won't affect your return, so waiting is unnecessary. If it does, you can always amend again.

nexchapAnswer

Q1: The K-1 form with all 0s is fine.

Q3: The K3 probably won't affect your return, so waiting is unnecessary. If it does, you can always amend again.

**Say "Thanks" by clicking the thumb icon in a post**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user. Use any advice accordingly!

ben301Author

You have helped many like me. I want to thank you.

Your last reply- Q1: The K-1 form with all 0s is fine. Do you mean zero for all things on this screen below

including gains

Where do I go on Turbo to change cost basis for 1099-B, I have multiple stock transactions plus this SVXY limited partnership.

3. When you say the broker reported the incorrect cost basis ( my 1099 b shows 5416.35 as cost basis), how do I get “the interview will give you a choice of codes “ to change it?

Ben

nexchap

1) As you display it is fine.

2 & 3) In the interview, wages and income section, investment income, there's a section that deals with 1099-B. Alternatively, you can go into Forms, find the 1099-B 'Cap Asset Sales' worksheet, and you can edit directly on the form. Its just not nearly as user-friendly as the interview.

**Say "Thanks" by clicking the thumb icon in a post**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user. Use any advice accordingly!