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I am a partner in a 1065 partnership in Texas. There were 3
I am a partner in a 1065 partnership in Texas. There were 3 partners, each with 33.3333% since 2007 when we started. As of 01-01-2017 two of us bought out the third partner so we each have 50% and the… read more
Mike-USACPA
Mike-USACPA
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We did not "final" on our 2016 form 1065. How do I indicate
We did not mark "final" on our 2016 form 1065. How do I indicate that the 2016 return was a final return on the form 1065X? … read more
Barbara
Barbara
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Lane, Always something interesting. I have a client who for
Hi Lane,Always something interesting. I have a client who for the past 2 years has been filing a 1065 with a GP as 98% ownership and an LP as 2% owner. As it turns out, the legal documents were never … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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Another question while I am waiting for the other answer.
Another question while I am waiting for the other answer. Lets say a partnership LLC redeems out another partner's interest during the year and just becomes a sole proprietor llc. Would a 1065 need to… read more
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Lane
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Pearl. I need to amend a 1065 return for 2015 and make it
Hi, Pearl. I need to amend a 1065 return for 2015 and make it the final return, but I don't see that box on the 1065x form. How do I inform the IRS that our 2015 return was the final one? … read more
Dr. Fiona Chen
Dr. Fiona Chen
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Ph.D.
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Which boxes on schedule k-1 (Form 1065) should be added
which boxes on schedule k-1 (Form 1065) should be added together to equal the amount in Part II Section L Partner's capital account analysis Current year increase (decrease)? … read more
Lane
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JD, MBA, CFP, CRPS
Doctoral Degree
30,004 satisfied customers
Relating to my last question, I am completing the 8825,
Relating to my last question, I am completing the 8825, 1065, K-1s for an LLC whose members are 3 trusts (mine and 2 brothers). The LLC started operating in Dec 2015 (before then it was still in our f… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Dear Tax Professional, We filed the form 1120-S with all
Dear Tax Professional, We filed the form 1120-S with all shareholders K-1. However, we realized there are few shareholders K-1's SSN were typed incorrectly, do I need to amend the entire tax return? W… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
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"I have an llc and have partners. On the schedule K-1 does
"I have an llc and have partners. On the schedule K-1 does Part II Section L need to be filled out, also the partners % of business income is listed on Part II, line 1, which they have each received a… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
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I had to amend a K-1 form and need to submit it. I had to
I had to amend a K-1 form and need to submit it. I had to change line one on the form, I I originally put in the wrong amount. Do I have to file a 1065X along with the K-1, if I do not have any change… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
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I MADE A $2.00 ERROR ON FORM 1065 SCH M-2 ANALYSIS OF PARTNER
I MADE A $2.00 ERROR ON FORM 1065 SCH M-2 ANALYSIS OF PARTNER CAPITAL ACCOUNTS. THE K-1'S HAVE ALREADY BEEN SENT OUT SO i CANT CHANGE THE K-1'S. WHERE ON THE 1065 SCH M-2 CAN I ADD THE $2 OR IS THAT E… read more
Phillip B, EA
Phillip B, EA
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I am attempting to use TurboTax to fill out a 1065 for an LLC
I am attempting to use TurboTax to fill out a 1065 for an LLC that has shrunk so that it was able to answer yes to Schedule B, Question 6 and does not need to file Schedules L, M1, and M2. Several of … read more
Stephen G.
Stephen G.
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2 partners in business, me and other guy. Relations went bad,
2 partners in business, me and other guy. Relations went bad, and I am out of the business in Jan 2011. Now that business issued K1 for 2010, which doesn't include my expenses (I have receipts for tho… read more
Lev
Lev
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3 people formed a partnership in July 2011 to purchase a bar
3 people formed a partnership in July 2011 to purchase a bar September 1 2011. Let's say they called the partnership ABC group. Each partner owned 33.3%. Around the last week of August 2011 they neede… read more
jgordosea
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Im making an amendment to my 2009 partnership return for form
I'm making an amendment to my 2009 partnership return for form 1065. The changes affect line 2 of Schedule K1. There are no changes to lines 1-22 on the first page of 1065. Do I still need to send in … read more
PDtax
PDtax
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trying to complete partnership return for partnership that
trying to complete partnership return for partnership that only made $921 last year. Do not understand analysis on net income (loss) section… read more
jgordosea
jgordosea
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I have an LLC in Massachusetts that distributed just $250 to
I have an LLC in Massachusetts that distributed just $250 to its partners. I didn't get the K-1's done in time, so 2 of them filed the income on a 1099. Is there a way to file the 1065 such that that … read more
Lev
Lev
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Bachelor's Degree Equivalent
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I own an LLC with my husband (were taxed as a partnership).
I own an LLC with my husband (we're taxed as a partnership). We earned $18000 this year and took $15000 out of the account. This shows up twice on our K-1's. $9000 for our share and $7500 in cash dist… read more
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