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Video instructions and help with filling out and completing schedule k-1 form 1065 roth ira
Disclaimer this is a workaround after researching solutions suggested on the Internet the software used in the example is TaxACT free version the numbers are created for illustration you need to do your own diligence and consult your tax advisor to determine how you should file as the general rule gains and losses for a typical ETF are reported on form 1099 B there are some ETF structured as partnerships will issue a k1 form 1065 when you purchase partnership etf brokers 1099 b report gain or loss of your investment schedule k-1 issued by the partnership will report gain or loss as well both 1099 b and schedule k-1 are required to be filed after you complete both you need to adjust a tax basis in 1099 B to avoid duplication of reporting capital gain or loss on the ETF this is a workaround I summarized here for your reference I use tax act to demonstrate step by step you need to consult your tax advisor for your own actions phillup exactly what shows in 1099 be including gain or loss for partnership etf's in 1099 be broker will have a box a basis reported to IRS Box B bases not reported to IRS inbox see some detailed information of box B and box C not in 1099 B will be provided in 8949 by your broker you can upload 8949 with every transaction to the tax software or you can enter total for each category box a box B or box C here are some screens and TaxACT for box a total you also need to answer some questions in between after you completed all box a B or C you reported gain or loss for your investment for partnership ETF at this step the gain or may not tie to your investment gain or loss gain or loss of 1099 B is the difference between your proceeds and cost basis gain or loss of scheduled k1 is to partnership gain or loss passing to you based on your shares and holding period because during this period you are the passive partner these two are different concepts most of the time the amounts are closed but it is possible that your investment is a loss but you will have to report gain in schedule k1 look at the schedule k-1 the left side has a 2m plus right side top two boxes final k1 and amended k-1 the right side has boxes one to twenty this information helps you to answer the questions through TaxACT when you see this screen click yes to fill up left side of schedule k-1 when you see this screen click checkmarks to all the boxes you have amounts in schedule k-1 and follow to enter the amounts in next pages when you finish choose all investment is at risk and finish the remaining questions now you reported gain or loss that partnership passed to you at this step after step one.