I received an Ownership Schedule from the company that manages an ETF that I bought and sold (for a small short-term gain). That sale is already reported by TurboTax on my Schedule D as a short-term gain.
I had TurboTax import all the sales from my brokerage, and that's how it ended up on the Schedule D.
Do I need to worry about this Ownership Schedule that I received? Along with it is a sample for Schedule K. There is no schedule K in my TurboTax return.
Thanks, Anoop
This sounds more like a partnership, not an ETF. You do need to review the Schedule K-1 you receive from the investment, because there may be income or deductions you need to report in other parts of your tax return (Schedule E, Form 4797, Schedule B are common forms you will require). The sample is to show you where on the return various elements of the K-1 go. And you may need to include a statement in your tax return with the purchase, and another one with the sale. These are usually printed (in very small type) in the instructions, sometimes in a box. The basis of the security may need to be adjusted following the instructions because some gain may need to be reported on Form 4797. Welcome to the bizarre world of publicly traded partnerships (PTP). while I'm not familiar with TurboTax, I'm sure it has a place to put all the partnership information. You can also go to
"anoop" wrote
If you bought into a partnership, you're going to get a K-1 with your fractional share of income and expenses. That needs to be reported on your personal tax return as well.
There may be a K-1 entry screen in the software. Some of the pass-through items end up on Schedule B as interest or dividends or on Schedule D as gains or losses. Any operating profits or losses flow to Schedule E (page
2). There may be other items that impact your return, so go over the K-1 carefully.
The gain on those shares was also reported through my brokerage statement (which I downloaded into turbotax directly from the brokerage site).
Do I need to go in and delete that specific sale from Schedule D after entering the K-1 information? On the screen for "Enter Sales Prices" for the K-1, do I just enter the information from my stock transactions? There is also not enough information on the K-1 to fill out all the screens in TurboTax. I would pretty much have to refer to my brokerage statement to get those numbers.
Thanks, Anoop
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