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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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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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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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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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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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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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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115 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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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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530 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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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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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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655 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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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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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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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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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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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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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
660 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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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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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 ...