ETF K-1's ... when do they stop coming in?

Discussion in 'Professional Trading' started by tomahawk, Mar 17, 2009.

  1. For the first time I've been receiving these K-1 tax forms from ETF companies that I traded in '08. The problem is I had already sent my tax stuff to my accountant and these forms are STILL trickling in. I got 2 more a couple days ago, for USO and UNG, so now my accountant has to re-do my return. Who knows when the rest of these things will come, as I've traded at least a dozen different ETFs and so far only received 3 of the tax forms.

    Anybody else having this problem? I don't plan on being late in filing my return, but apparently these jackass ETF firms don't really care.
  2. drcha


    yes, have been dealing with this also. There are two ways to handle it:

    1--invest in these things, but don't trade them, so you won't have so many K1's to worry about
    2--guess at your taxes, pay them on April 15, then file late. You have a few more months to file, and as long as you have paid the full amount, there is no penalty

    another thing I have done--if we are talking about a small amount, less than five dollars, I just ignore it when they come in late

    Yes, it's a pain
  3. jnorty


    the pain in the ass is if you hold them. my accounts were i only day traded them all game to zero capital gains or payout as i never held overnight. my ira's were i held but i don't have to report so no problem. from what i here these can really screw you up on tax liability if the fund had a huge year with big gains. the distributions can nail you bad .
  4. Stosh


    For this and other reasons, I have sworn off of ETF's. Stosh
  5. sc85


    All the ETFs result in a K-1?
  6. Good question.

    In my case I've received them for DBC, UNG, and USO, out of maybe 10 or 12 that I traded. I trade mostly futures, so the ETF trades were mostly 100-200 share lots - we're talking very small numbers here.

    The bigger question is why does the IRS allow these guys to send out the forms as late as they want when we have a deadline for filing the tax return?!! My accountant said they could still send them a month from now if they wanted to (because of their limited partnership status, or something).