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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
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I NEED TO FILL OUT MY INDIVIDUAL TAXES USING HE K-1

Customer Question

HELLO. I NEED TO FILL OUT MY INDIVIDUAL TAXES USING HE K-1 FORM AND TRYING TO UNDERSTAND LINE 16, "ITEM AFFECTING SHAREHOLDER BASIS." IS THIS A DEDUCTION THAT I CAN TAKE. THANKS FOR YOUR HELP? MY NAME IS***** WAY.
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: My accountant filed my business taxes and said that I needed to file the K-1 separately. I am stumped because I do not see where any taxes have been taken out of the K-1 form. I will probably end up having to pay a ton of money back to the IRS or the State. Again, not sure what "items affecting shareholder basis means.
JA: Is there anything else the Accountant should be aware of?
Customer: no
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.
Submitted: 7 months ago.
Category: Tax
Expert:  PDtax replied 7 months ago.
Hi from Just Answer. I'm PDtax. I can assist. There is more information needed to advise, so I suggest a phone call to review the K-1 and discuss things. I'll post that offer. Accepting means we set up a private link you could use to send me a copy of the K-1 if needed. I am a CPA with many years experience, and will protect that information as I would any other financial document, then destroy it when we are done.

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