DIY Products

DIY Products

Whether you’re an experienced do-it-yourselfer or doing your own taxes for the first time, this is your place to learn and share. Here you’ll find information and resources for using H&R Block’s online and software DIY solutions. You’ll also find links to more information to assist you on your DIY journey.

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Posts: 1
Registered: ‎03-15-2017

Proshares UVXY K-1 form

Hi, Friends,

I traded a few Proshares UVXY shares resulting a loss last year, without knowing a K-1 is needed for tax purposes :(

I never received a K-1 so I called proshares today and they manually generated one over the phone. When I get the emailed form K-1(1065), everything is 0. Capital gain/loss in box 8, 9 are 0. In box 11, there is "C" and the amount is 0, in box 13, there is a "K" and the amount is also 0.

So, I put all these numbers into my HRBlock, it did not change anything AT ALL. I checked the documents generated by HRBlock, there is NOT a single extra form, or even an extra line indicating that a form schedule K-1 was used.

Note that I did log the trading loss in 1099-B via form 8849.

I am wondering does this sound correct? How does IRS know that I have included the K-1 in my computation in this case??

Please advise!

Thanks,
-Charly