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
0 views

No text available

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

This is for a stock I both purchased and sold in 2020 of a partnership. Is the K-1 I was sent irrelevant then?

T

ToddL99

No, the K-1is not "irrelevant" because you bought and sold the partnership interest ("shares") in the same year.

You have two reasons to report the K-1 on your return:

1. The K-1 reports your share of the partnership's 2020 income/loss and deductions for the period you owned a partnership interest.

2. The K-1 reports information used to calculate your basis in the partnership. You need that information to calculate your gain/loss on the sale of the interest.