happyscooter
Senior Member
Joined: Jan 5, 2011 9:04:06 GMT -5
Posts: 2,416 
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k-1
Apr 13, 2013 14:59:33 GMT -5
Post by happyscooter on Apr 13, 2013 14:59:33 GMT -5
what is it, do i have to pay taxes on it and should someone have sent me a form for it?
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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k-1
Apr 13, 2013 18:10:41 GMT -5
Post by mwcpa on Apr 13, 2013 18:10:41 GMT -5
A k-1 is a tax reporting for an s corp, partnership or trust. If one is issued to you then it should be included in your tax filings. Be aware of the kind of income being reported.
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happyscooter
Senior Member
Joined: Jan 5, 2011 9:04:06 GMT -5
Posts: 2,416
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k-1
Apr 14, 2013 6:25:41 GMT -5
Post by happyscooter on Apr 14, 2013 6:25:41 GMT -5
nobody ever sent us anything. we are being told there was money to report. our taxes are filed and this is the first we have heard about it
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Shooby
Senior Associate
Joined: Jan 17, 2013 0:32:36 GMT -5
Posts: 14,782
Mini-Profile Name Color: 1cf04f
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k-1
Apr 14, 2013 9:21:06 GMT -5
Post by Shooby on Apr 14, 2013 9:21:06 GMT -5
I have an S corp and the partners and i get K-1's. Basically it is an accounting of the year end balance of what is left in the account. Since i have 3 partners, i get the privilege of paying taxes on 1/3 of that remaining money as if it is income, even though it isn't in my hands yet. Supposedly it washes out the following year. Thanks so much Daddy Govt!  |
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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k-1
Apr 14, 2013 11:39:36 GMT -5
Post by mwcpa on Apr 14, 2013 11:39:36 GMT -5
actually, Congress wrote to law that to be an S corporation is an election made by the shareholders... therefore, you in effect elected to be taxed on these profits, the governemnt did not force this upon you.
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