# Could uses some answers about a Schedule K-1 (Form 1065) and ETFs
**URL:** https://boards.straightdope.com/t/could-uses-some-answers-about-a-schedule-k-1-form-1065-and-etfs/533621
**Category:** Factual Questions
**Created:** [March 24, 2010, 2:11pm UTC](https://boards.straightdope.com/t/could-uses-some-answers-about-a-schedule-k-1-form-1065-and-etfs/533621 "2010-03-24T14:11:43Z")
**Posts on this page:** 5
**Page:** 1
### Author:  [@emacknight](https://boards.straightdope.com/u/emacknight)
#### Post date: [March 24, 2010, 2:11pm UTC](https://boards.straightdope.com/t/could-uses-some-answers-about-a-schedule-k-1-form-1065-and-etfs/533621/1 "2010-03-24T14:11:43Z")
So it appears I’m a partner in a Publicly Traded Partnership!
I received a Schedule K-1 (Form 1065) in the mail yesterday (a week after I was supposed to file my taxes).
Apparently when I bought and sold an ETF (ProShares Ultra Crude Oil) it made me a partner.
I’ve gone into Turbotax and submitted the relevant information for the K-1. But my main question is this:
Do I need to go into my list of stock purchases and remove these transactions?
Thanks
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### Author:  [@emacknight](https://boards.straightdope.com/u/emacknight)
#### Post date: [March 24, 2010, 8:11pm UTC](https://boards.straightdope.com/t/could-uses-some-answers-about-a-schedule-k-1-form-1065-and-etfs/533621/2 "2010-03-24T20:11:18Z")
{bump}
I’m sort of surprised not to see a response. I’ve been trading for a while and this is the first time I’ve gotten one of these. I feel like they are very common for people involved with a business partnership, but this seems like a strange application of the rule. It says that by buying their ETF I became a “partner.” It also seems like the profits they are reporting are different than the gains I made from the ETF.
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### Author:  [@emacknight](https://boards.straightdope.com/u/emacknight)
#### Post date: [March 25, 2010, 4:23am UTC](https://boards.straightdope.com/t/could-uses-some-answers-about-a-schedule-k-1-form-1065-and-etfs/533621/3 "2010-03-25T04:23:18Z")
Okay, last bump before I submit my taxes. I put the K-1 into Turbotax and followed the instructions. I think my estimated return went down a bit. The government gets more money so I assume I did it right. If the IRS comes knocking I’m point here to show that no one else knows.
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### Author:  [@wedgehed](https://boards.straightdope.com/u/wedgehed)
#### Post date: [March 25, 2010, 4:57am UTC](https://boards.straightdope.com/t/could-uses-some-answers-about-a-schedule-k-1-form-1065-and-etfs/533621/4 "2010-03-25T04:57:08Z")
It’s been years since I prepared tax returns, but I believe K-1 income is reported on Schedule E.
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### Author:  [@Billdo](https://boards.straightdope.com/u/Billdo)
#### Post date: [March 25, 2010, 11:46am UTC](https://boards.straightdope.com/t/could-uses-some-answers-about-a-schedule-k-1-form-1065-and-etfs/533621/5 "2010-03-25T11:46:58Z")
You may wish to look at these IRS instructions: [Partner’s Instructions for Form K-1](http://www.irs.gov/pub/irs-pdf/i1065sk1.pdf), which discusses how to report the information from a K-1. You may also want to search the IRS website, which is very good.