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jahel318
New Member

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?

Since this is our first time filing taxes while owning our own small biz, we're a little confused about the K1.
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tagteam
Level 15

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?

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. 

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1 Reply
tagteam
Level 15

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?

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. 

View solution in original post

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