Question

I trades a ETF and incurred some losses, now i received schedule K-1 and 1099B both. Should i enter both in Turbotax? is it not like reporting the losses twice?

Forum|Forum|7 years ago
June 1, 2019
1 reply
0 views

No text available

TurboTax Self Employed Online

Employee

Please see SuperUser TomYoung's guidance below. His advice refers to a scenario in which a taxpayer has already filed a return -- I can't tell if this is your situation or not -- the but logic applies whether you've filed or not.

https://ttlc.intuit.com/replies/7372647

D

deepakAuthor

Thanks for your response.. so if i incured $1000 loss as per 1099B and 11000 as per shcedule K-1, do i need to adjust the cost basis in 1099B sale in such a way that the total loss is now $11000 dollor? This will offset the 11000 loss which was entered through the schedule k1. Is my understanding corect?