Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

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 TurboTax article suggests it may be…
Max Ghenis
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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 abstract away the need to process individual K-1s…
public wireless
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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 (loss)" field is equal to the difference between…
David
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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 to submit a K-1 form. What impact can I expect…
Mike Eng
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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?
ken
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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, and was later used to pay down debts. The…
John W.
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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 16 code D on the Schedule K-1). This represents…
adelphospro
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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 ownership is 25%, but not ever member earned $25,000 as…
RCNeil
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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 Instructions for Schedule K-1 (1065)" on page 2 do I use to…
thomas morgan
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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 California K-1, but I want to make sure I have not…
WilliamKF
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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 $17.50 i.e. I would receive $262K. Last Sep'23, I…
Megatron
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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 have had a few different S-Corps going back about…
Phil Sandler
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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 distributions made directly to a third-party on…
Wandering Fool
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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 received a K-1 and am filing an amendment to my…
Roddy of the Frozen Peas
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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 tax year. I have unfortunately Not received a 1042-S…
enerve
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