2023 was the first year I traded ETFs. I have received 2 K-1s so far and was able to download one more. All of those were ProShares - info on taxpackagesupport.com. Have any of you received K-1s from State Street SPDR funds, Invesco QQQ, Direxion, Global, iShares, or VanEck? This year or previously? Appreciate any experience with these you have to share.
Hi @LisaM,
What were the ticker symbols you traded?
The only K1’s I have ever rcvd were from partnerships like MLP’s, BCD’s, etc.
Gene
All holdings and some statistics on my Fool profile page
https://discussion.fool.com/u/gdett2/activity (Click Expand)
SPY, QQQ, PSQ, BOIL, SPXS, XLK, SOXL, NUGT, UGL, LIT, XLE, UCO, XLB, FAZ, PICK, GLD, GDXJ, SPXL, SLV, GDX, XLP. So far, I know that BOIL, UGL, and UCO produce K-1s. I’m trying to figure out whether or not I need to expect one from the others. Also, is there a definitive way to know this before you buy them?
Hi @LisaM,
I look at the prospectus.
Do a search for tax.
Does that help you?
Gene
All holdings and some statistics on my Fool profile page
https://discussion.fool.com/u/gdett2/activity (Click Expand)
OK, that works. I had to download the prospectus as a pdf to be able to do a search on it, but that worked. Thank you!
Gene did you pay taxes in all states on the K-1 or just your federal taxes?
Andy
Hi @buynholdisdead,
I avoid K1-type businesses.
I did have some MLP’s inside of my IRA for a while but dumped them.
On the state tax part:
Most states have thresholds for taxes that small holdings don’t normally cross. Some, IIRC Pennsylvania, had a $10 floor.
I don’t know what different states might do to track-down tax evaders.
I just do not need more hassles for taxes.
Does that help you?
Gene
All holdings and some statistics on my Fool profile page
https://discussion.fool.com/u/gdett2/activity (Click Expand)
Yes and I agree, K-1 and MLP’s are just plain headaches. But since I didn’t read the prospectus and did some short term trading on Boil. Here I am.
Next time I need to read the prospectus even on a short term trade.
Andy
Same here. Now I know to check the prospectus for this every time.
Good News if the K-1 is in your Ira account you do not have to pay taxes on it.
Andy