I did not begin trading SVXY until last year and it was the first k-1 I had ever received. Reading the "instructions" on the form itself, I felt like I was trying to decipher some impenetrable foreign language. The people at ProShares seemed just as confused as I was. No one could actually clearly tell me what needed to be done, and one person almost certainly misinformed me, telling me to enter the k-1 information only and saying I did not need to enter my SVXY trades on my Schedule D (advice I doubted and did not follow). I gleaned some information from the internet, but could find only bits and pieces and no clear walk-through for this process. Since Turbotax told me their software can accurately handle k-1s and I was pressed for time, I relied on their "software assistant." I was a little ill at ease though, because the assistant's questions did not seem to match up exactly with the various boxes containing numbers on the k-1 issued by Proshares. I have since learned that SVXY profits are supposed to be taxed 60% long term and 40% short term, but I have no idea if the Turbotax k-1 assistant handled this, since all my trades were entered as short term. At this point I think I probably overpaid and if I want to get refunded I will need to amend my 2013 return or take it to a tax professional who understands k-1s (I keep reading that many don't). But I will probably just let it go if I can get the information I need to ensure my 2014 forms are accurate and that I know what to do in the future. I held some shares of SVXY from 2013 into 2014 and have since traded it a few times, as well as sold options against it. So this year I would really like to make sure I get it right. I hope it will not be necessary for me to hire a tax expert just to take care of this k-1, since it is the only thing in my taxes I am not confident I know how to handle myself. Does anyone here trade SVXY (or a fund with identical tax implications) and also file using Turbotax, who could let me know if the k-1 assistant provided by the software is adequate? Assuming some manual adjustments need to be made, a walk-through of these would be greatly appreciated! Thanks.