Do I need to file a K-1 if I left the company mid-year?

[Rick19744 · Accepted solution]

Your leaving the company has no impact on whether you need to file a K-1.

The company is responsible for the filing of the applicable entity tax return and K-1's.  You will be sent a K-1, just as you were in prior years, for the period in which you were there.  The K-1 should be marked final.

Additionally, you should be maintaining a schedule of your basis.  You will need to update the basis schedule for the final K-1 activity.  This will determine your overall gain or loss on your investment in this company.