First year receiving K-1s. Where do you go for yours?

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)

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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. :wink:

Does that help you?

Gene
All holdings and some statistics on my Fool profile page
https://discussion.fool.com/u/gdett2/activity (Click Expand)

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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. :joy:

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.

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