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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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Does an LLC Partnership with 10+ members and a net income of

Customer Question

Does an LLC Partnership with 10+ members and a net income of $11,115 have to file K-1 forms for each member?
Submitted: 6 months ago.
Category: Tax
Expert:  Lev replied 6 months ago.
Yes - K1 is required if there are any items that are required to be passed to partners.The partnership uses Schedule K-1 to report your share of the partnership's income, deductions, credits, etc.
Expert:  Lev replied 6 months ago.
Each member should have his/her K1 .Although the partnership generally isn't subject to income tax, you may be liable for tax on your share of the partnership income, whether or not distributed. Include your share on your tax return if a return is required..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.

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