My wife and I formed an LLC in 2019 for a food business. I don't understand where I'm supposed to get the K1 from. Is it sent to us? Do we print one up ourselves?

Forum|Forum|6 years ago
July 12, 2020
1 reply
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Since this is our first time filing taxes while owning our own small biz, we're a little confused about the K1.

TurboTax Self Employed Online

Best answer by Anonymous_

Preliminary question: Do you and your wife reside in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin)? If so, you have another option other than having to report on Form 1065 and receiving a K-1.

Otherwise, a K-1 would be generated in the course of preparing a Form 1065 for your multi-member LLC (which essentially defaults to a partnership unless other elections are made).

See https://www.irs.gov/instructions/i1065#idm140672580675136

You should absolutely seek professional tax and legal guidance for your scenario since it appears you do not have any familiarity with pass-through entity taxation and Form 1065 (for 2019) was due in March of this year.

Anonymous_Answer

Level 15

Otherwise, a K-1 would be generated in the course of preparing a Form 1065 for your multi-member LLC (which essentially defaults to a partnership unless other elections are made).

See https://www.irs.gov/instructions/i1065#idm140672580675136