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.
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.
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'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...