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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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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 ...
Max Ghenis's user avatar
4 votes
1 answer
112 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 ...
public wireless's user avatar
3 votes
1 answer
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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 (...
David's user avatar
  • 557
2 votes
1 answer
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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,...
John W.'s user avatar
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2 votes
2 answers
737 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 ...
RCNeil's user avatar
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1 answer
249 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 ...
Mike Eng's user avatar
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1 answer
2k 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 ...
WilliamKF's user avatar
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Required to fill out Form 7203 per TurboTax for S-Corp K-1?

I am using TurboTax Premier to do my taxes for 2022. I have a K-1 from my S-Corp, and TurboTax is telling me I need to fill out form 7023 for this K-1, a form I have never had to fill out before. I ...
Phil Sandler's user avatar
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2 votes
1 answer
104 views

How does an equity partnership relate to company's valuation?

I was recently made a partner in the firm that I work in. I received 15K shares at a face value of $0. I was told that a vesting would occur after 5 years where the anticipated vesting price would be $...
Megatron's user avatar
2 votes
1 answer
95 views

Is tax liability from a trust distribution, made in payment on behalf of the beneficiary instead of to them, defered to the beneficiary?

For trusts that can distribute income to the beneficiary's tax bracket... When filling out a 1041 for a trust, instructions are a little ambiguous on income distribution deductions. No mention of if ...
Wandering Fool's user avatar
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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 ...
Roddy of the Frozen Peas's user avatar
2 votes
0 answers
282 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?
ken's user avatar
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2 votes
2 answers
189 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 ...
adelphospro's user avatar
2 votes
1 answer
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 ...
thomas morgan's user avatar
1 vote
1 answer
2k 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 ...
Aganju's user avatar
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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, ...
Maxim Zaslavsky's user avatar
1 vote
2 answers
227 views

Schedule K-1: Capital percentage, what is someone has not contributed capital but own 50% of shares?

Basically, I wonder if the capital percentages relate to capital accounts or is it share of capital. If there are losses in a year and someone has not had capital contributions, are they 0% for ...
Michael's user avatar
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1 answer
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On Schedule K-1 (Form 1065), is Box 10 (Net section 1231 gain) a superset of Box 9c (unrecaptured section 1250 gain)?

In other words, is the amount in 9c included in the amount of 10, or do they have to be added to get the overall gain for the property?
merlin2011's user avatar
1 vote
1 answer
132 views

How does a non resident alien report income & dividends from a K1?

I had bought some USO via Robinhood who have a W8BEN on file and now I have received a K1. The K1 reports an interest income of $9. Is this ECI? Can I just put it in line 2b in the 1040NR? My ...
ggy's user avatar
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1 vote
1 answer
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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?
TheOneandOnly's user avatar
1 vote
1 answer
72 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....
Justin Fulkerson's user avatar
1 vote
1 answer
631 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"?
Sean Z's user avatar
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1 vote
1 answer
1k 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 ...
CuriousMind's user avatar
1 vote
1 answer
55 views

Should Box 1 and Box 2 of Schedule K-1 be combined on Form 8582 or Schedule E?

I received a K-1 with a positive value X in Box 1, and a negative value Y in Box 2. The partner's instructions for K1 seem to treat them completely independently, even if both are passive, although ...
merlin2011's user avatar
1 vote
0 answers
63 views

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. ...
David's user avatar
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1 vote
0 answers
41 views

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 ...
enerve's user avatar
  • 11
1 vote
0 answers
44 views

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 ...
spockdude's user avatar
0 votes
1 answer
52 views

What is the relationship between filing personal income taxes and K-1 distributions (from form 1065)?

To narrow down the question: wife and I have a 50-50 LLC partnership where only I work (she has a full-time job). So I reported my 1099s on our joint personal filing under my name, and the company's ...
toraritte's user avatar
  • 113
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1 answer
101 views

Is it optional to take a passive loss deduction?

I'm in two partnerships that lost money due to the pandemic. Those losses are supposed to be offset by the government in PPPs and ERCs, but the full payment of those has not been received yet. Due to ...
NewSites's user avatar
  • 210
0 votes
1 answer
93 views

How to apply the basis limitation on a passive loss?

On IRS Form 8582, Part V (or worksheet 3 in 2020) tells me to enter the income or loss from my passive partnerships. Then Parts VII and VIII (or worksheets 5 and 6 in 2020) tell me to calculate how ...
NewSites's user avatar
  • 210
0 votes
2 answers
49 views

Do I pay a K-1 if I make below $3000 in a year?

I received a K-1 from an ETF. I was buying very small amounts of funds, because investing is my hobby. I did not receive any distributions, nor did I make a considerable amount of money. Do I have to ...
Anonymous's user avatar
0 votes
1 answer
171 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 ...
Chris K's user avatar
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0 votes
1 answer
5k 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 ...
Phil Sandler's user avatar
  • 3,571
0 votes
1 answer
129 views

for a simple real estate rental LLC, how much data goes on tax form 1065 vs form 8825?

we have a "humble" partnership LLC for an airbnb real estate rental unit. I believe Im supposed to put most/all of the incomes/expenses on form 8825 and not on page 1 of the 1065 but my ...
Cool Pontiac's user avatar
0 votes
2 answers
261 views

Passthrough LLC: Do I have to file Schedule K-1 for a partner that gets 0% of profit?

US tax law question: I have a "partner" that gets 0% of profit, is responsible for 0% of loss, but does get 5% of sale of the business should that occur. Am I required to file a K1 for him?
pixelearth's user avatar
0 votes
1 answer
47 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 ...
scott.schaffer's user avatar
0 votes
2 answers
77 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 ...
Joe's user avatar
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0 votes
1 answer
1k 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 ...
Bernard Dy's user avatar
0 votes
0 answers
132 views

What are the US tax filing requirements for a non resident alien with a K1?

For 2023 I am a non resident alien, actually a resident of the UK. I held USO or United Staes Oil fund in my brokerage account between February 2022 and March 2023 not knowing that is not an ETF but a ...
ggy's user avatar
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