![]() ![]() The entity issuing the K-1 forms files them with the IRS. The information from the K-1 is then put on your personal tax return. If you are a partner or shareholder in a pass through entity, you probably received a copy of the Schedule K-1, filled out to describe how income has been distributed to you. As a result, you’ll get a form that states your portion of the profit or loss associated with the partnership. Realize, too, that you might receive a K-1 form if you are invested in a fund or an Exchange Traded Fund that operates as a partnership. ![]() This is a document that partnerships, LLCs, S-corps, estates, and trusts use to describe to owners/shareholders what income they are receiving from the entity.īasically, it’s a schedule that allows you to see what income you received during the tax year and the Schedule K-1 is used for pass through entities. Did you receive a K-1 form? It’s not a common form for most taxpayers but questions about K-1s are some of the top questions we are seeing at this time in the season.
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