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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 6170
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I have an llc and we are taxed like a partnership with pass

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I have an llc and we are taxed like a partnership with pass thru taxes. We filed an extension and will eventually submit the form. I usually submit my K1 attachment that states our losses and offset my income for that year. Can I submit my personal taxes with my K1 line filled out. He calculated what the K1 line should be althought we have not officially submitted our business taxes? Will this increase our likelihood of gettnig audited?
Submitted: 5 years ago.
Category: Tax
Expert:  Stephen G. replied 5 years ago.

Stephen E. Grizey :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Customer:

thx

Customer:

wheres the answer?

Stephen E. Grizey :

Sure you can, there's no need to attach the K-1 to your personal return. However, as a matter of policy, i didn't let my clients do that, as it could just create more of a problem if something turned up that changed the partnership return. Then the personal return would have to be amended, which is never great unless it is absolutely necessary.

Customer:

we didn't send in the business papers yet does that matter

Stephen E. Grizey :

That was your question, right?

Customer:

the question is more about can we submit the personal without the k1 even tho we didnt file the business taxes yet


 

Stephen E. Grizey :

The 1065 is on extension?

Customer:

yes

Stephen E. Grizey :

Yes that's the question I was answering. Yes you can, but not always smart to do so in case something were to change unexpectedly.

Customer:

sounds good thank you


 

Stephen E. Grizey :

Please remember to "Accept", it is the only way we get credit for our work. Feedback, if you have time, and bonuses, where you think they are warranted, are always most appreciated.

I'll be happy to answer any follow-up questions you may have.

Customer:

thank you

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