New Brunswick Business Daily

What is the relationship of Schedule K-1 versus funds reported as transactions from my brokerage house?

I got a K-1 for a fund that is also reported on my brokerage house gains/losses transactions that I entered into my tax return. I also entered in the K-1 information and it reduced my refund. Given that the transactions for the fund are reported via the brokerage house transactions am I not reporting things twice by entering in the K-1 info?

Public Comments

1. Dear Bill: Careful! You maybe doing just that. Call the administrator that prepared the K-1. The brokerage firm may also be able to help. Can you reconcile the numbers from the K-1 to the brokerage statement? This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor