Received K-1 after filing taxes, what do I do about this United States Oil Fund document?

This is actually pretty common with certain types of investments like oil and gas partnerships. The K-1 you received from United States Oil Fund is reporting your share of the partnership's income, deductions, credits, etc., while your 1099-B from Ameritrade is reporting the actual sale of your investment. Since the K-1 shows no gain or loss but lists a cost basis, it's likely that you need to file an amended return (Form 1040-X) to include this information. The difference between what's on your 1099-B and what's on the K-1 might be due to how partnerships report income - they often pass through different types of income that need to be reported on different schedules. I'd recommend comparing both documents carefully to see if they're actually reporting different transactions or just reporting the same transaction in different ways. If you used tax software, you might be able to simply add the K-1 information and file an amended return.

I ran into this exact same problem last year! After spending hours trying to figure it out, I discovered taxr.ai (https://taxr.ai) which saved me so much headache with my late K-1 situation. It actually analyzes your tax documents and tells you exactly what's different between them and what you need to do. For me, it turned out my K-1 from an ETF had some weird depletion allowance that wasn't on my 1099, and I would have completely missed it. The system parsed both documents and showed me exactly what I needed to put on my amended return. Super easy to use - just upload your docs and it breaks everything down in plain English.

Just wanted to follow up - I was skeptical about taxr.ai but decided to try it with my complicated K-1 situation. I uploaded both my 1099-B and the K-1 from my energy fund, and it immediately identified that the K-1 had some special allocations that weren't reflected in the 1099-B. The system explained that the cost basis difference was due to depletion allowances (something I knew nothing about) and showed me exactly which forms I needed to amend. Just filed my 1040-X yesterday and feel so much better knowing everything is correct now. Definitely recommend for anyone dealing with investment K-1s that arrive late!

If you're having trouble getting answers from the IRS about how to handle this K-1 situation, I highly recommend trying Claimyr (https://claimyr.com). I was stuck on hold with the IRS for HOURS trying to figure out a similar K-1 issue last month, then I found this service that gets you to an actual IRS agent quickly. You can see how it works here: https://youtu.be/_kiP6q8DX5c - basically they use technology to navigate the IRS phone tree and wait on hold for you, then call you when they have an agent on the line. Saved me literally 3+ hours of hold time. The IRS agent I spoke with clarified that for partnership K-1s that arrive after filing, you generally have until October 15th to file an amendment without any issues. She also explained exactly which forms I needed to update based on my specific K-1 entries.

I need to eat my words about Claimyr. After my skeptical comment, I decided to try it anyway because I was desperate to talk to someone about my K-1 issues. It actually worked exactly as described - I put in my info, they called the IRS, and about 30 minutes later I got a call connecting me directly to an IRS representative. The agent confirmed that I need to file an amended return for my K-1 from an oil fund (similar to yours), and explained which specific lines needed to be updated. Saved me hours of frustration and now I'm confident I'm handling this correctly. Sometimes being wrong feels pretty good!

I deal with this United States Oil Fund K-1 every year and it's always a pain. Here's what you need to know: the reason your 1099-B shows a profit but the K-1 doesn't is because they're reporting different things. The 1099-B is just reporting the straight sale of shares, but the K-1 is reporting your portion of the partnership's activities. Look at Box 11F on your K-1 - it should show "Section 751 gain" which is often where the actual income gets reported. If there's nothing there, you might just need to adjust your basis when you file an amended return. Also, don't panic about amending - you have up to 3 years to file an amendment, though I'd recommend doing it sooner rather than later.

Has anyone else noticed that United States Oil Fund ALWAYS sends their K-1s super late? I've gotten them in May before! I started using the "extension trick" - I just automatically file an extension every year now even if I have all my other docs, because I know these partnership K-1s will come late. Gives me until October 15 to file without rushing.