volatility shares k1

Forum|Forum|2 years ago
April 10, 2024
1 reply
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I have both long and short sales in the volatility shares product UVIX, which is classified as a partnership and generates a k1. However, when I went to generate my k1 on the volatility shares website and I got the message: "ownership information incorrect; cannot generate k1." I spoke to their customer service and they told me that because I have short sales on the product, they cannot generate a k1 for me and cannot help me. This strikes me as ridiculous. I've traded similar products in the past and never ended up such in this situation before where the company told me they cannot generate a k1 for me. But now I'm not sure what to do, because I don't have the information I need to generate the k1 form in turbotax. Is there a way I can determine what to input just based on the transactions listed for this product on my 1099, or should I simply leave things alone, as the transactions were imported into turbotax from my 1099?

Not A Product Question

nexchap

If you only talked to TaxPackageSupport, they're a 3rd party with limited capabilities. You may have better luck contacting Volatility Shares directly through their 'contact' email.

As for just relying on the 1099-B: No. It is guaranteed to be wrong for the periods you were long (since the basis isn't adjusted for the items on the K-1).

**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!