I work for an investment management company (nothing fancy, just some administrative role) and had the opportunity to invest in the fund our company runs as a part of employee benefits.
Anyways, now I received multiple tax forms. One is K-1, issued by my company. And I received a few extra forms from our company's brokers.
On an 1099-MISC form, it has below
(IRS BOX) 8. Substitute payments in liew of dividends or interests
which is the roughly the same number with below item on K1 (I suppose some interests, dividends in the fund result in some discrepancy?).
CURRENT YEAR INCREASE (DECREASE)
The question is, did someone mess up? It appears the same income was taxed twice here. Even though I did not receive any dividends or interests directly from the fund, and I have never withdrawn my investments.
Or, should they really be the same thing and one form should be ignored? The K-1 has below paragraph which makes me think there is also chance that this is a duplication.
Please note that you may have received a form 1099 from the partnership for your share of interest/dividends from the partnership. This schedule k-1 includes your ratable share of all income, including any income that may have been reported to you on a form 1099 from the partnership.
Either way, if you can provide the reference to your answer that would be great. I am trying to get in touch with my company's finance department but they are really bureaucratic so I want to be super well prepared when talking to them.
Thanks in advance!