Question

Do I need to do anything with a K-1 I received after filing? It is from some stock I purchased and sold in 2020. The sale already reported on my 1099-B.

Forum|Forum|5 years ago
March 26, 2021
1 reply
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TurboTax Premier Online

linaj20201

If it is already reported on your tax return, you do not need to amend to add.

As a shareholder or partner, the K-1 is issued to you to report your portion of income and deductions. The 1099-B transaction will generate either a long term or short term capital gain or loss. The net gain or loss will show on line 7 of your Form 1040 along with a Schedule D and Form 8949.

Another way to verify is to enter the Schedule K-1 to see if the result creates any differences in the refund or tax due. Steps to amend in TurboTax

In amendment,

At the right upper corner, in the search box , type in K1 and Enter
Select the 1st choice on the search results - Jump to K1
Follow prompts

D

dwhall20Author

The gain/loss is already captured on the 1099-B as I completely disposed of my stock. If I'm understanding correctly in this case I would not need to include the K-1 info since the gain/loss from the sale of this stock is already reporting on the 1099-B. Am I correct? Sorry if it seems like I'm beating a dead horse. I appreciate your input.

J

JamesG1

I received a K-1 after investing in Proshares UCO, SCO and BOIL in 2023. All of these were on my 1099 but I also received a surprise K-1 in March after my taxes were completed. Overall, I made about $15,000 on these 3 stocks last year. Adding the K-1 increased my tax burden by over $2000. Seems like double taxation to me but my accountant says it's legit! Think twice about buying Proshares leveraged commodity ETF's.

IRS Schedule K-1 and K-3 may be filed with the Premium version of TurboTax Online or the Premier version or above of TurboTax Desktop.

In TurboTax Online Premium, report IRS Schedule K-1 by following these steps:

Down the left side of the screen, click Federal.
Down the left side of the screen, click Wages & Income.
Scroll down to S-corps, Partnerships, and Trusts and click on the dropdown menu to the right.
Click Start/Revisit to the right of Schedule K-1
Select Partnerships/LLC's (Form 1065).