Filing Schedule K-1 (ETF) Questions

Posted by sienz on March 12, 2010 (01:17AM)

I am using Turbo Tax and I need help filing Sched K-1 Box 11 Code F from ETF company.  Turbo Tax has the exact field for everything except this one.

 

In my Sched K-1 Box 11, I have Code C and F.

In the supplement information, it states 11F1 OTHER INCOME (LOSS) -26

 

There are sine note under it and one of the note state: Other Income, Box 11, Code F – Net Ordinary Income (Loss) From Swaps

 

In Turbo Tax I have these choices:

 

Enter Code F Detail

Fill in any of the following detail information regarding the -$26 you entered on box 11, for Code F.

 

Recoveries (Bad Debt, Prior Tax, etc.)   _________________

Section 751(b) Gain or Loss (Reported on Form 4797)  _________________

Short-Term Capital Gain not Portfolio Income __________________

Long-Term Capital Gain not Portfolio Income  __________________

 

Other Non-Passive Income to be Reported on Page 2 of Schedule E

Enter Description __________________

Enter Amount __________________

 

Other Description Enter Below (Amounts entered here may also need to be entered elsewhere in TurboTax.
Enter Description __________________

Enter Amount __________________

 

Can someone help me with my tax issue?

 

Appreciated so much

 

sienz

Posted by BeretDude on March 12, 2010 (07:03AM)

Ok, to be honest here, I can't help you with that, but I you have piqued my curiousity about that.  I did my taxes using TurboTaxe for both brokerages I use, and I didn't have to fill in anything. It was all automatic.  Realized Gains/Losses were accounted for.  There were several questions about wash sales that I had to answer, but nothing more.

What specifically is Schedule K for?   I didn't have to encounter that one.




Happy Trading.. \:)

Posted by sienz on March 12, 2010 (11:52AM)

I got this for trading UNG. Some of ETF treat your gain/loss as partnership and they will send you Schedule K-1 instead of 1099. 

Posted by moogle on February 17, 2011 (12:57AM)

anybody get theirs for 2010 yet?

Posted by spshapiro on February 17, 2011 (06:28AM)

 You are not going to like this. Sched K is used for limited partnerships, and they don’t have to file until August, which is of course after the April deadline.  Every year I get my tax docs from BX around September.  I used to get me nervous, but I bring them to my accountant and if any reconciliation need be done, he files out an amended return.  There are certain tax advantages of this form of ownership, which the 1099 (from Legent and Penson) will not be aware off.  Unless you have a big interest in the partnership, it is all peanuts, but that is part of the reason I use an accountant. As I said… You are not going to like this.

Posted by Scofflaw on February 17, 2011 (10:11AM)

I too have/had a position in BX and have waited until mid-August or later to get the final K-1, although getting a draft K-1 sometime in March.  I found out for me it was easier just to file for an filing extension prior to 4/15, and then file one return prior to 10/15.  The only risk here is you have to make sure you paid enough in taxes (estimated and/or withheld) prior to 4/15 to cover any K-1 adjustments and avoid any tax due which would probably cause a penalty.

Since I have the time and don't mind perusing the IRS pubs and forms, I do my own taxes.  It's just a bunch of addition, subtraction and multiplication.  But I will admit the K-1 drives me up the wall even with the step by step instructions from BX.

Regarding using TurboTax - I'm not sure they handle the info from the K-1 accurately, but that's just a suspicion on my part.  I use TurboTax for everything except the K-1and just adjust the 1040 accordingly. Plus you will have to calculate the change in cost basis which TurboTax does not do.

SP is giving you good advice on using a professional tax preparer. The K-1 and a lot of capital gains reporting, if not done right, can and probably will cause you a lot of grief.

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