Forums - K1 Form Stocks/ETF List

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Posted by sc85 on 03-08-09 04:44 AM:

K1 Form Stocks/ETF List

I hate K-1 Form!

I got a K-1 form by trading APL in 2008. Please add the equities here if you know any other ones. Thanks in advance.

Posted by the1 on 03-08-09 05:19 AM:

The k-1 does blow but even the most basic tax software like Turbotax can handle this form easily enough. Reporting P/L from a K-1 isn't nearly as hard as preparing one.

Posted by princetontiger8 on 03-08-09 02:15 PM:

USO

Posted by JOEEXEX on 03-09-09 01:20 AM:

heres one

clnh this was charter mac

Posted by sc85 on 03-17-09 01:16 PM:

OKS

Posted by sc85 on 03-19-09 03:43 AM:

DBC, UNG, and USO

Posted by trangreg on 03-23-09 05:24 PM:

K-1 for UNG

I am a little confused. When I calculated my short-term profit, this amount is not shown on Schedule K-1, it would be reported on Schedule D, it is $260. Line 11 on Schedule K-1 has code C which stands for income or loss from contracts & straddles which makes sense for UNG. The income amount is $752. UNG does not give cash distributions. Does this make any sense? I did not make $752 from this trade but yet I have to list that as income. I called UNG and verified that I sold my shares in July 2008 and does line 11 figure take that into account. The rep said yes but I'm not sure if he knew what I was trying to ask. Any help would be appreciated!

Posted by vxmke on 03-31-09 07:49 AM:

I'm having trouble with this line too. I traded USO and show a substantial loss (I suck) on line 11 with code "C".

Not sure how to handle this...

Posted by sc85 on 04-01-09 01:11 PM:

LINE

Posted by sc85 on 04-04-09 03:25 PM:

Posted by farmticks on 04-13-09 03:09 PM:

KFN

How would I know when I traded this "stock"--one trade held one day--that I'd receive a K-1 the week my taxes are to be filed!

My accountant had just finished my tax forms--50 pages--when this little gem arrived in the mail. What a pain. I guess another stock screen should include the letters "LLC". My "Do Not Trade" list.

Posted by sprstpd on 04-13-09 03:53 PM:

Re: K-1 for UNG

Quote from trangreg:

I am a little confused. When I calculated my short-term profit, this amount is not shown on Schedule K-1, it would be reported on Schedule D, it is $260. Line 11 on Schedule K-1 has code C which stands for income or loss from contracts & straddles which makes sense for UNG. The income amount is $752. UNG does not give cash distributions. Does this make any sense? I did not make $752 from this trade but yet I have to list that as income. I called UNG and verified that I sold my shares in July 2008 and does line 11 figure take that into account. The rep said yes but I'm not sure if he knew what I was trying to ask. Any help would be appreciated!

I am not a tax expert so take what I am about to say with a grain of salt.

Any income gain or loss passed through to you by the partnership affects your cost basis. So if the partnership distributed $752 to you in income, your cost basis in the partnership rises by $752. So on Schedule D, your profit would be $260 - $752 = -$492. Similarly, if the partnership throws off a loss to you, your cost basis decreases to compensate.

Please do your own due diligence on this topic as I am no tax expert.

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