Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I have an LLC with 3 members. We are trying to figure out…

Customer Question
I have an LLC...

I have an LLC with 3 members. We are trying to figure out the process to complete the K1 and 1065

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

We didn't do this at incorporation time, so we're racing to complete it now and don't know some terms

Submitted: 23 days ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 9 minutes by:
3/30/2018
Tax Professional: Barbara, Enrolled Agent replied 23 days ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,789
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

There are tax preparation software packages that you can use to prepare the 1065.

Once the information is entered in the 1065, a K-1 will be generated for each partner. The information on the K-1 is entered on each individual partner's personal tax return.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Ask Your Own Tax Question
Customer reply replied 23 days ago
Thanks Barbara. We have 3 partners. We made $11,000 from a contract and 1 of our partners received $6000. There are no other employees or transactions. what software would you recommend?
Tax Professional: Barbara, Enrolled Agent replied 23 days ago

TurboTax Business can be used for a partnership return.

It is basically going through and entering the information asked for, and the program will perform all of the calculations for you and generate the K-1s.

Ask Your Own Tax Question
Customer reply replied 23 days ago
thanks. We build software, so we don't have any materials or supplies or anything that's packaged. Would we put that $11K in 1a. Gross receipts and sales?
Tax Professional: Barbara, Enrolled Agent replied 23 days ago

That's right.

Ask Your Own Tax Question
Customer reply replied 23 days ago
ok. And for the 1 time withdrawal by a partner of $6000, where does that get reported?
Tax Professional: Barbara, Enrolled Agent replied 23 days ago

Are you using the software?

It guides you through everything by asking specific questions.

Ask Your Own Tax Question
Customer reply replied 23 days ago
No. Want to see if i can do it first. most of it is straight forward.
Tax Professional: Barbara, Enrolled Agent replied 23 days ago

There's more to it than that. That is why I recommended using tax preparation software.

We are well beyond the scope of your original question.

I will opt out so another expert can assist you with preparation of the 1065.

Ask Your Own Tax Question
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 22 days ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,008
Experience: 35 years tax experience, including four years at a Big 4 firm.
Verified
I'mCustomer I see you need a new expert. I can assist, but I think you need specific return prep assistance. I can assist through our Premium Service offering.See my offer and let me know.
Ask Your Own Tax Question
Was this answer helpful?
Ask PDtax Your Own Question
PDtax
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,008
5,008 Satisfied Customers
Experience: 35 years tax experience, including four years at a Big 4 firm.

PDtax is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I am preparing a 1040 return for a person who receives a K-1
I am preparing a 1040 return for a person who receives a K-1 from a partnership that he materially participates. On the K-1, the partnership indicates that the partner contributed $18,000.00 to a 401(… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I'm preparing someone's tax return that needs to be mailed.
I'm preparing someone's tax return that needs to be mailed. They're out of the country. Can they e-sign and I mail it? I know they can e-sign e-filed returns, but not sure about paper returns.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I've prepared my 2017 return using my Turbotax account and
I've prepared my 2017 return using my Turbotax account and it is showing me that I owe fed taxes of $34,000 + and it doesn't seem to be substracting out what I have already paid in fed taxes of $29,00… read more
Barbara
Barbara
Enrolled Agent
5,789 satisfied customers
I am preparing the tax return for an LLC that holds rental
I am preparing the tax return for an LLC that holds rental property. We purchased most of the rental homes last year and required a good amount of repair work before they could be rented. How do I cal… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am preparing my 1065 partnership return and I am not sure
I am preparing my 1065 partnership return and I am not sure if I am reporting my depreciation on my asset correctly. Is there someone that can assist me with understanding how and if I am entering cor… read more
Kelly McGlynn
Kelly McGlynn
Bachelors of Science
30 satisfied customers
I'm preparing an amended return for a client. The original
I'm preparing an amended return for a client. The original return as filed is set up for an electronic debit of a balance due on April 13th. In light of changed circumstances, the client will now rece… read more
PDtax
PDtax
Certified Public Accountant (CPA)
5,008 satisfied customers
Looking for a checklist in preparing tax for tax preparers.
looking for a checklist in preparing tax for tax preparers … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
While preparing my S-Corp return for a small business.
While preparing my S-Corp return for a small business. Cannot get balance sheet to balance, Schedule L specifically … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
931 satisfied customers
Where do report for Partnership (LLC) returns using Form
Where do report for Partnership (LLC) returns using Form 1065 income recipient from taxable federal grant? Specifically, 1099-G, Box 6.… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
931 satisfied customers
Will a tax preparer generate estimated quarterly vouchers in
Will a tax preparer generate estimated quarterly vouchers in excess of the calculated amount upon request? This question is not so much about the payments themselves as it is the actual vouchers.… read more
Barbara
Barbara
Enrolled Agent
5,789 satisfied customers
I have a NJ 1065 to prepare. Do contributions and the LLC
I have a NJ 1065 to prepare. Do contributions and the LLC fee for NJ go on any specific lines?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,066 satisfied customers
I was ask to prepare a partnership's tax return for 2015 &
I was ask to prepare a partnership's tax return for 2015 & 2016. It's my first time doing this and need some advise. This is a used car dealership with three (3) partners. According to the partnership… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have a question regarding a return that i prepared but
Hi, I have a question regarding a return that i prepared but made an error for a client … read more
abci168
abci168
Principal
27 satisfied customers
I have prepared the Form 8949 reporting the sale of a
I have prepared the Form 8949 reporting the sale of a estate's fractional interest in a house, the other fractional owners are the residual beneficiaries. Sales proceeds minus the (stepped up basis pl… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am preparing a 1065 for a general partnership with two
I am preparing a 1065 for a general partnership with two partners 50/50 ownership..... It dissolved in May 2017 and one partner took all outstanding liabilities and fixed assets (tools as they were a construction company) How to I reflect that in the return? … read more
PDtax
PDtax
Certified Public Accountant (CPA)
5,008 satisfied customers
Should LLCs listed as a Partnership (P) or Individual/sole
Should LLCs listed as a Partnership (P) or Individual/sole proprietor or single-member LLC receive 1099-misc?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
A CPA prepared a filed a personal return last april. There
A CPA prepared a filed a personal return last april. There was a NYS and NYC refund due. The check never was received. The CPA is not helping procure a replacement check, whom should the person call o… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
A Form 1065 partnership return is being prepared for a
A Form 1065 partnership return is being prepared for a partnership whose General Partner is a single member LLC. In the Analysis of Net Income (Loss) section at the top of page 5, is the LLC's portion… read more
taxmanrog
taxmanrog
Master\u0027s Degree
904 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x