Comments on: What is a Schedule K-1 Form?

By: Mark w

Mark w — Sat, 13 Apr 2013 23:00:55 +0000

I receives a k-1 for one of the stocks I brought nth. I have a loss of -3. The state tax table on the k-1 shows three states with no income for 2 and one state with the loss. Should I be filling returns to all the three states for the partnership. Any guidance would be good. I am not getting good info on it.

By: Jonnee Blendheim

Jonnee Blendheim — Sat, 13 Apr 2013 16:40:22 +0000

Same thing happened to me as Amy and I feel the same. Are we wrong?

By: Mike Biel

Mike Biel — Fri, 12 Apr 2013 19:18:55 +0000

I am involved in an S-Corp. We have been an S-Corp for more than 15 years. Each and every year, my partner who handles the books, would complete corporate taxes and personal taxes and provide us with payment to the IRS for our financial share. As of a week ago, after some strife internally, refused to provide any financial information, K-1 or advise me on what is due for our Federal Income Tax and my liability (paid by company) is to the IRS as in the past. He would normally issue a check to us, and write on our account to the IRS. Now I am in a bind for filing Monday. Do I file an extension only? Do I file an extension of what might be due and not pay it? Suggestions please.

By: Amy

Amy — Thu, 11 Apr 2013 15:45:06 +0000

I received a K1 form after I filed my taxes for 2012. The amount show a slight loss. Do I have to amend my taxes? I don’t believe the refund would be much and I prefer to just let it go unless I can be in trouble. Please advise.

By: David

David — Wed, 10 Apr 2013 19:38:12 +0000

Hi, I am filling my 2012 taxes. My most recent K1 says ‘For calendar year 2011, or tax year beginning 02/01/2011 ending 01/31/2012′. I moved from CA to NC on 04/01/2012. How should I file taxes for these states in TurboTax?

By: NLR

NLR — Wed, 03 Apr 2013 03:18:28 +0000

My brother, sister, and I had an LLC–equal partnership of my Dad’s money. He died last April, and relationships have deteriorated with my siblings. In May of 2012, the money was distributed, and the LLC no longer existed. Fast forward to now, and 2 weeks before tax day. My brother dealt with all the tax and legal stuff for my Dad because he lived in the same town. I called the CPA office today that is preparing the paperwork for the partnership, and asked about my K1 form. They were very elusive (I had to call 4 times and send 1 e-mail) and one of the partners finally answered. He said he didn’t want to get involved in family drama, and that we should get an extension. Remember, I don’t get along with my siblings. I think the CPA gave the 3 K1′s to my brother, and he will give one to my sister (who he likes) but will hold onto mine for awhile. He likes to upset me, and is just plain mean. I don’t know that this is what happened, but my brother is very coniving and convincing. My question is: since I was an equal partner, I will pay an equal amount for tax prep, and the form is personal with my SSN, isn’t the CPA required to send that form to me?

By: RCT3

RCT3 — Tue, 19 Mar 2013 12:10:42 +0000

I have live in NJ and have ownership in a PA S-Corporation. For which I receive a K-1. I file both a NJ and PA state return. The PA return is only for the S-corporation. In 2011′s return I was able to correctly delete the S-Corporation from the NJ return. In 2012 turbo tax refused to file the NJ return without the incorrect PA K-1 S-corporation information. How do you manually correct errors and delete forms in turbo tax? I followed the help directions. I the information was corrected, however during the final e-filing turbo tax incorrectly added the PA K-1 back into the NJ return. How can the error checking be disabled in turbo tax? How do I file an amended return? I recommend turbotax revise the way they handle S-corporations and K-1. More control should be given to the tax preparer.

By: Shandra Murphy

Shandra Murphy — Tue, 12 Mar 2013 21:07:34 +0000

I need to correct my first statement. I lost my job in Feb 2010 and was told by Tim I could stay home and help with our business, which I did until March of 2012.

By: Shandra Murphy

Shandra Murphy — Tue, 12 Mar 2013 21:05:28 +0000

My husband abandoned me in April 2012 and we had an LLC from 2007 till he left. Now he’s trying to say he’s going to file a K-1 on me because I’m refuse to give him an uncontested divorce. There are no children, but he stopped paying all bills related to us. I even lost my home and had to move in with a friend. He left me indigent basically. I had worked our entire marriage until Feb 2012 when I lost my job. I was never on the LLC and I never drew a paycheck from our business. We only had owner’s draws put into our personal checking to pay household expenses and our bills. Does he have a leg to stand on or is he just being obstinate?

By: Carla Corin

Carla Corin — Wed, 06 Mar 2013 18:26:07 +0000

We transferred our Amerigas LLP shares from Ameritrade to Fidelity, then sold them all. We’ve received two K-1 forms from Amerigas with different amounts in each. Do we enter these K-1s separately in TurboTax or somehow combine them?

By: Alan

Alan — Tue, 05 Mar 2013 19:16:46 +0000

As the sole shareholder in my S corp Turbotax Business attached a K1 to my S corp return for around $10k profit. I did not receive this money from the corp in any way either as a disbursement or divident. Do I have to declare it on my personal earnings return even though the money is still in the corp? The only earnings I received from the corp were in the form of W2 income which I did report on my 1040.

By: Vicky

Vicky — Thu, 28 Feb 2013 08:35:21 +0000

She can prepare a temporary return and can be helped by the Student Body Association. Then, her temp. return will be incorporated with her parents’.

By: Vicky

Vicky — Thu, 28 Feb 2013 08:29:40 +0000

My K-1 will be done in Oct 2013. I need my personal tax returns ASAP. Can I do without K-1? If yes, would it be any negative consequences? Thanks!

By: ChiPheo

ChiPheo — Thu, 21 Feb 2013 17:54:22 +0000

Helo!
My wife is working at nail salon,she just a worker
every years she get tax return form 1099.But this year the owner give her tax return form K1-1065.Is that a legal?.she do not sign any form or
or contract with the owner.

By: Lil

Lil — Thu, 21 Feb 2013 16:43:18 +0000

Can a Schedule K be downloaded onto a Turbo Tax Deluxe without having to go thru the entire Schedule K form. In other words, when I receive the Schedule K from LNG can the info from that schedule be downloaded directly into my Turbo Tax return?

By: Bob Fitzpatrick

Bob Fitzpatrick — Mon, 18 Feb 2013 17:26:58 +0000

I am the trustee of my mother’s estate which was mostly the proceeds of the sale of her modest house that was in a trust. The assets have already been distributed to the beneficiaries. I did not realize a tax filing was due until receiving the 1099 from the bank that held the assets before distribution– the 1099 shows $20 of interest. Can I simply pay whatever taxes are due on the interest for the trust as a whole and avoid issuing K-1s to the beneficiaries? if yes, what tax form is required?

By: teddy b

teddy b — Mon, 18 Feb 2013 05:17:40 +0000

Ed-
My online research says you don’rt nered to do anything, but contact your IRA administrator and se if they wnat them sent to them.

By: Jeff

Jeff — Sun, 17 Feb 2013 13:30:05 +0000

What if my K! from owning my own business shows an income of $100,000.00 more then I was paid to due growth…will I be double taxed on this forever as my business never pays me as much as it reports due to growth.

By: TurboTaxLisa

TurboTaxLisa — Sun, 17 Feb 2013 06:38:44 +0000

Hi Brandon,
Since this income is reported to the IRS and your state you should file the state tax returns.
Thank you,
Lisa Greene-Lewis

By: Brandon

Brandon — Thu, 14 Feb 2013 15:50:10 +0000

The firm I received a K1 from does business in 15 states. In some of these states, my income was only $100 or less. Am I required to file a state return in states where I made less than my standard deduction?