Schedule K1 reporting

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Subject Author Date Schedule K1 reporting david 03-16-2009  Re: Schedule K1 reporting Paul Thomas, CPA 03-16-2009  Re: Schedule K1 reporting MyVeryOwnSelf 03-16-2009  Re: Schedule K1 reporting Frank S. Duke, Jr. 03-16-2009
Posted by david on March 16, 2009, 2:23 pm Please log in for more thread options I have to file a Schedule K-1 Form 1065 for 2008. Do i have to report the income or loss in Box 1 of Part 3 even if i did not sell any of my shares in 2008. Thanks -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Paul Thomas, CPA on March 16, 2009, 3:18 pm Please log in for more thread options >I have to file a Schedule K-1 Form 1065 for 2008. > Do i have to report the income or loss in Box 1 of > Part 3 even if i did not sell any of my shares in 2008. A K-1 reports your share of the business (in this case a partnership) income or certain expenses. This form will show your share of income even if you bought into the partnership for a day (1/365ths of whatever percentage you owned). So yes, you have to report the income, losses and expenses that are shown on your K-1 - just as you must show the income and withholding from your W-2. -- Paul Thomas, CPA Watkinsville, Georgia -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by MyVeryOwnSelf on March 16, 2009, 5:44 pm Please log in for more thread options > I have to file a Schedule K-1 Form 1065 for 2008. Do i have to report > the income or loss in Box 1 of Part 3 even if i did not sell any of my > shares in 2008. For all the gory details, see this document: http://www.irs.gov/pub/irs-pdf/i1120ssk.pdf (Not for the faint-hearted.) -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Frank S. Duke, Jr. on March 16, 2009, 5:59 pm Please log in for more thread options in article a3933594-d31c-475d-809e-63993172d9a2@41g2000yqf.googlegroups.com, david at athaided@hotmail.com wrote on 3/16/09 2:23 PM: > I have to file a Schedule K-1 Form 1065 for 2008. Do i have to report > the income or loss in Box 1 of Part 3 even if i did not sell any of my > shares in 2008. > Thanks A K-1 shows income that has been earned by your partnership and is attributable to you because the partnership does not pay any tax, the partners do. You owe tax on this income, even if no cash was distributed to you. This adds to your basis in the partnership and reduces any future profit when you sell your partnership shares. Uncompensated advice guaranteed correct or double your money back Frank S. Duke, Jr. CPA Cincinnati, OH USA -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Schedule C Reporting January 10, 2009, 2:21 pm Where do I report dividends paid on Form 5471 Schedule C or Schedule F March 12, 2008, 9:23 am Schedule C or Form 4137 + Schedule U ? March 30, 2007, 4:35 am Reporting of partnership February 27, 2007, 4:14 pm Tip Reporting Question March 31, 2007, 10:34 pm Options Tax Reporting March 4, 2008, 11:31 am oid payee reporting March 31, 2008, 1:42 pm Reporting Roth IRA June 9, 2008, 2:48 pm Help with reporting RSU sale January 30, 2009, 5:40 pm HSA contributions/ W-2 reporting February 2, 2009, 6:18 pm