Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I received a schedule k-1 (form 1065) this year as an

Customer Question
I received a schedule...

I received a schedule k-1 (form 1065) this year as an individual partner and a '2017 supplemental information' sheet. do i just submit this info with my tax return. do i need to include any of the info on my form 1040 or other schedules? if so where and what?

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

A lot of numbers on the schedule k-1 just do not know where to go with it?

Submitted: 3 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
4/2/2018
Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 3 months ago
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,642
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified

Hi Edward,

My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

Ask Your Own Tax Question
Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 3 months ago

The K- reports to you the amount of your share of the current years income. Keep it for your records. Do not file it with your tax return.

The amounts reported in the K-1 will be reported to your 1040. --I have attached a link below for the instructions for the K-1 which details how to report each line on page two of the instructions.

https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf​

For example line 4 of the K-1 "Guaranteed payments " --- Reported "Schedule E, line 28, column (j) "

There are a few numbers and it is important to go line by line of the K-1 to report to the 1040 and the proper schedules.

Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

Ask Your Own Tax Question
Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 3 months ago

Hello,

Are you satisfied with the Answer you received?

If you are satisfied with the Answer, please accept the Answer and rate my service. Accepting the Answer and Rating my service cost you nothing extra, but does notify JustAnswer that I have completed my assigned work.

If you have any follow up questions please don't hesitate to Ask.

You can rate me by using the stars, or faces on your screen and clicking submit

I look forward to working with you in the future and I hope you feel that I provided you with 5 Star services

Regards,

Chad CFP ® professional

Federally Licensed IRS Enrolled Agent

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Chad EA, CDFA®, CFP® Your Own Question
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,642
2,642 Satisfied Customers
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA

Chad EA, CDFA®, CFP® 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

4,512 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 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
To the question I had last week regarding the Canadian
For LaneHi Lane,A follow up to the question I had last week regarding the Canadian investment. It turns out that the partnership is a Canadian partnership formed in Canada. They are US Citizens. If th… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
47 satisfied customers
I entered equipment on an LLC 1065 which was purchased
I entered equipment on an LLC 1065 which was purchased during start up in 2017. Will I enter any property listed in the LLC 1065 on my personal return in the partnership section? Such as the deduction… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
2 Member LLC now 1 Member LLC. What forms to file to IRS? I
2 Member LLC now 1 Member LLC. What forms to file to IRS?I have an LLC that was Me and Member B. Member B has now left the LLC and sold his ownership to me for no consideration. I am now the sole owne… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,465 satisfied customers
Question on Section 743 Cost Recovery. I am entering K-1
Question on Section 743 Cost Recovery. I am entering K-1 info for the first year (as this partnership began in 2016). Under Code 13 W, they have about +$5k which they are describing as Sec 743 Cost Re… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I use Drake Software and I have following codes in Schedule
I use Drake Software and I have following codes in Schedule K-1 form 1065 that I do not know where it will go because they are not on the software. Can someone help:Schedule K-1 1065 Part IIIBox 11 Co… read more
Anne
Anne
Master Tax Preparer
2,345 satisfied customers
We are a partner LLC and preparing k-1(form 1065) and PA
we are a partner LLC and preparing k-1(form 1065) and PA rk-1 for the 3 partners ..... where do we file these forms since the LLC itself doesnt' file taxes it is all pass through income to the partner… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
A follow-up question to a chat that is posted under the
A follow-up question to a chat that is posted under the question "LLC partnership has a 401(k) plan." I get how it should be reported, but I don't know how I can enter the retirement contribution for … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
47 satisfied customers
I am currently filling out a partnership return on the
Hello, I am currently filling out a partnership return on the NJ-1065 2015 State form. I have a question about the about the Partnership filing fee. Question 1a) asks for the number of resident partne… read more
Tyrone J. Taylor
Tyrone J. Taylor
Masters
52 satisfied customers
Tyeise ***** I'm trying to figure out how to file a 1065
Customer:Customer***** I'm trying to figure out how to file a 1065 for the first time, as well as a schedule K I can't figure out where to put all the expenses the partnership had. Also complicating t… read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
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
Tax Advisor
Bachelor\u0027s Degree
570 satisfied customers
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
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
Form 8829 is the business use of your home reported on Schedule
Form 8829 is the business use of your home reported on Schedule E non passive expense when filing as a partnership.… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
Hello, I have some basic questions about how LLC partnerships
Hello, I have some basic questions about how LLC partnerships pay taxes. We are a 3 partner LLC in pennsylvania. Besies each of us making quarterly payments to the IRS, what other forms do you we have… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
In regard to domestic partners federal return, if we split
In regard to domestic partners federal return, if we split income with half each, what happens when the 1099 is in one partners SS#. How does the IRS match that up. On my return it would look like I u… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master\u0027s Degree
2,290 satisfied customers
My husband received a 1099 from his business , but they then
My husband received a 1099 from his business , but they then converted it to a K1. Where do I input the income , specifically, which box in turbo tax would I fill out? these were his wages.… read more
Wallstreet Esq.
Wallstreet Esq.
Tax Attorney
Doctoral Degree
586 satisfied customers
How do I report oil&gas land rental income, if we run a family
How do I report oil&gas land rental income, if we run a family patnership on business,rental property and operate a farm as well, and the rental payment come in to just one partner my mother in this c… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
I am working on a return that contains a Sch K-1 (1065). Par
I am working on a return that contains a Sch K-1 (1065). Part II Info checked about the partner: Limited partner or other llc memeber and Domestic partner. There is a Supplement Information sheet atta… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
My wife and son formed an LLC in Colorado earlier this year.
My wife and son formed an LLC in Colorado earlier this year. They are the only members and are both active with each vested at 50%. I just completed their 1065 return (using turbo tax) and the questio… read more
Merlo
Merlo
Tax Consultant
558 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