Disclaimer: I've conducted extensive research on how to file Schedule K-1 and 1099-B. Below are the steps to avoid duplicate reporting for the partnership ETF. Please note that this information is for your reference, and it is necessary to do your own due diligence and consult a tax advisor to determine the best way to file. When you purchase partnership ETFs, brokers will report the gain or loss of your investment on Form 1099-B. Additionally, the partnership will issue Schedule K-1, which will also report the gain or loss. Both Form 1099-B and Schedule K-1 are required to be filed. After completing both forms, it is important to adjust the tax basis on Form 1099-B to avoid duplicate reporting of capital gain or loss on these ETFs. Step 1: Complete Form 1099-B from your broker. Form 1099-B will include total amounts of proceeds, cost, wash sale loss disallowed, and other relevant amounts. Make sure to report these amounts exactly as they appear on the form. The broker will send you Form 1099-B, and the IRS will also receive a copy. These total amounts will include gain or loss from the partnership ETF. Worksheet 8-949, sent from the broker, provides a detailed report supporting Form 1099-B. This report is very helpful when filing your return using tax software. To report the gain or loss on the sale of your investment, enter the relevant numbers into the tax software. This includes the total amounts from Form 8-949. Note that Column E (cost and other basis amount) in Form 1099-B is not sent to the IRS. Therefore, this is where you make adjustments for the partnership ETF. In this example, I have used $8,100 as the total for illustrative purposes throughout this video. Once you have completed all the entries in Form 8-949, you...
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Video instructions and help with filling out and completing Will Form 1065 Schedule M 3 Reconciliation
