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My husband and i own a small part of a company we have never…

My husband and i...

My husband and i own a small part of a company we have never received and money based on our share of ownership. the tax person gave us a form stating we own a percentage of that company and need to to pay taxes on 38000. we have never received a penny from this company for payment or anything else. what do i do my husband is on social security and of course this amount is more than he is required to make while on social security.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

No nothing else

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3/20/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,610
Experience: 15years with H & R Block. Divisional leader, Instructor
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Was the form you received a K1 from the company? If so what number is ***** the K1 (1120 or 1065)?

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Customer reply replied 1 month ago
1065

The partnership uses Schedule K-1 to report your share of the partnership's income, deductions, credits, etc. 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. You are to include your share on your tax return if a return is required.

A partnership is a pass through entity. It passes all income or losses to the partners even if no actual money is distributed.

If you do not wish this to show on future returns you need to get out of the partnership.

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Customer reply replied 1 month ago
thank you

You are most welcome. I sincerely ***** ***** could tell you differently.
A positive 5 star rating is appreciated so I am credited for assisting.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
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