I have a Brokeragelink account through my employers 401k. One of the investments I made last year was an ETF (UNG) that's required to provide a Schedule K-1 at year end. The ETF had a pretty significant loss in 2011 and continues to do so. I sold all shares in early 2012 and no longer hold any investment in this ETF.

Can I claim the K-1 loss, which is specific to this ETF, on my personal income taxes? Or do I merely hold onto the K-1 until such a time as I close-out the entire 401k?

Although my social security number is listed in Part II Section E of the K-1 my employer is listed as the "partner's name" on the K-1.

I appreciate any help you can provide.

Thank you!