Questions tagged [schedule-k-1]
Tax document to report income, loss, and dividends for partners, shareholders, or beneficiaries of a business entity.
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Income tax on property sale through LLC in another state
I was a small-time partner in an LLC that was set up to flip a house in NJ, and I live in MA. The LLC was set up in NJ, bought the old property, flipped it, and sold it. I received a K1 from the LLC.
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1answer
32 views
How to avoid getting double taxed by 1099-B / K-1
In the last year, I bought and sold many shares, one of them a partnership (BEP) - I didn't know at the time, and had no idea about the consequences. Note that I am not in any way interacting with ...
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How exactly do I use a Schedule K1 (Form 1065) on my tax return?
I invested in an LLC as a partner of sorts and recently received a Schedule K1 (Form 1065).
I believe I count as a passive investor. The instructions for K1 say the following:
If you are an ...
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1answer
27 views
Taxes and K-1 Partnership
What do I do for K-1's if I am no longer a partner in the company?
Say I dissolved my relationship on Dec 31, 2018. Do I have to do anything on my 2019 return? How does the government know I'm not in ...
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59 views
List of states that issue/generate K-1s
Where can I find a list of all states that issue state-based K-1s? For instance, I know that New York can issue an IT-204-IP, but what about a state such as Wyoming? Pennsylvania is another state ...
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1answer
49 views
Vanguard sent 1099 for my MLP stock sale. Am I being taxed twice when I file the K1?
I received a 1099 from Vanguard for the sale of my MLP stock. I got a K1 from the MLP. I entered both on my TaxAct program. My question is, am I being taxed twice on the stock sale?
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44 views
If I file an amendment to my taxes, do I pay the difference or just the base amount?
I filed a 1040 a few weeks ago and, per that form, was due a refund. I put in the routing information for my bank information to receive the refund deposit, but I haven't received it yet.
I just ...
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2answers
57 views
1041 not supported by tax software - file as regular and 1040X to adjust?
I'm just about done filing for this year, when I discovered that my tax software only partially supports K-1 forms - specifically, it doesn't support 1041s (Beneficiary of trust, trust has income that ...
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1answer
36 views
Will Receive K-1 from Trust: Roth IRA
I apologize if this question is not warrant asking. Though I was wondering if taxable income earned by the trust distributed on the K-1 form would qualify me as the trustee to contribute to a Roth IRA....
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1answer
257 views
Received K-1 from ETF whose basis wasn't reported. Can I use just Schedule D without Form 8949?
I received a K-1 from an ETF, as well as an insert with instructions on what to do with the numbers on it. This ETF was my only holding whose basis was not reported to the IRS.
The "Other income (...
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How do I compute my taxes on a publicly traded partnership fund, as a Non Resident of US?
I hold units in Powershares DB Commodity Index fund (DBC), and so I've received a K-1 from them detailing their income during the year.
I was a US Non-Resident Alien / foreign investor during the ...
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1answer
137 views
What is the tax liability from an inheritance from a trust and reported on a K-1 form?
I'm receiving an inheritance from the death of my grandmother. The money is being distributed from a trust, and I am told that the distributions are going to be reported on K-1 forms and I will need ...
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133 views
Received late K1, but do not owe any tax. Must I amend my return?
I received a late K-1 form. I already filed my taxes. Do I need to file an amended return even if I do not owe any additional tax?
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1answer
589 views
Grantor Tax Information Letter
Why do some trusts issue a Sch K-1 for the beneficiaries, while others only a "Grantor tax information letter"?
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1answer
1k views
How to allocate profit and loss in partnership where one partner's activities are profitable and the other's aren't? [closed]
Suppose a two-member LLC taxed as a partnership has a set of projects that are joint initiatives of the members, as well as projects that are solo initiatives of one or the other member. For example, ...
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1answer
115 views
Can 1099s from a special needs trust be entered directly on the beneficiary's personal income tax return?
I'm the trustee for my brother's new special needs trust (first time filing taxes with it around), which has its own TIN. Different materials online suggest a K-1 may or may not be necessary.
This ...
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1answer
783 views
1099-MISC vs K-1 — duplicated numbers?
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 ...
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Do I have to report all the assets my s-corp disposed of on my personal taxes?
My s-corp issued me a K-1 with a huge list of assets that were disposed of (not sold). They are reported in box 17 as "K* STMT" (meaning code K, statement attached). TurboTax is prompting me to ...
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1answer
119 views
Multi-state K-1 earnings to S-Corp
I am sole shareholder in a State #1 S-Corp. I funnel various earned income (I have various business interests) into this S-Corp from which I pay myself a salary, pay business expenses and profit ...
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1answer
117 views
Why is K-1 business income taxed at 50%?
I'm using TurboTax for my taxes (which of course are due tomorrow), and my wife's S Corp (50% owner) had a profit of roughly $14k, which they did not withdraw. It stayed in the corporate bank account,...
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0answers
54 views
Avoiding tax complexities of MLPs
I would like to invest in master limited partnerships (MLPs) for their high yield, but would like to avoid their tax complexities. If I buy exposure to MLPs through an ETF or mutual fund, will that ...
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2answers
152 views
Do I need to calculate my cost basis for S corporation stock and distributions I've received to determine tax owed on K-1?
I'll be using hypothetical numbers to make this easier to visualize.
I purchased 2000 shares from an S-corporation for $4000 in December of 2014. I received $1000 in distributions for the shares (box ...
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1answer
725 views
How to handle two K-1 forms from same company?
I have shares in an MLP in two vehicles:
A small position from employee stock purchases when I briefly worked for the company
A larger position from after I left the company and bought shares on my ...
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1answer
4k views
K-1-P (or Equivalent) from Multiple States
In 2012 and 2013, I worked for a company (LLC) that awarded me shares in the company as a form of compensation (edit: the shares were issued in early 2013). I have since left the company and they ...
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2answers
675 views
LLC Partnership Earned Income vs. Partnership Share
When filing taxes for an LLC-Partnership, what should be done if the earned income varies from that of the partnership share?
For example, if there are 4 members, and $100,000 is earned, their ...
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1answer
1k views
Adjusting the basis of a Publicly Traded Partnership (PTP) interest?
My question is simple enough, but I've been unable to get a straight answer, even from so called 'tax professionals'.
Q. What items of the IRS basis adjustment worksheet in the "Partner's ...
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1answer
1k views
Does California tax personal K-1 income from an out-of-state partnership?
As a resident of California, if I get a K-1 from Connecticut, do I have to pay income taxes on this income for my California return?
Using Turbo Tax, the answer seems to be no, since there was no ...
