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Level 2
posted Apr 6, 2021 10:03:51 PM

Do I select yes or no to "informational returns filed under the return employer ID number"?

  • Multi-member LLC
  • For tax purposes, considered a partnership
  • Initial filing year (2020) for the LLC
  • Operating at a loss this year
  • No salaries or wages paid to partners (no W2's)

On the last question before e-filing, there is a question that asks about informational returns, not entirely sure what this means? I plan on generating and distributing K-1's to all 3 partners (including myself).

 

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1 Best answer
Level 15
Apr 7, 2021 4:59:41 AM

Partners are NEVER issued W-2 or 1099 forms so unless you have employees or sub contractors  the # of W-2 forms is zero and then you did not file payroll tax forms.  You should be issuing K-1 forms so your screen shot is correct as is.  

3 Replies
Level 15
Apr 7, 2021 4:59:41 AM

Partners are NEVER issued W-2 or 1099 forms so unless you have employees or sub contractors  the # of W-2 forms is zero and then you did not file payroll tax forms.  You should be issuing K-1 forms so your screen shot is correct as is.  

Level 2
Apr 9, 2021 8:40:00 AM

Awesome, thanks! In what situation would I select NO to that question? I am bit confused with the wording.

Would the answer be NO if I didn't provide any K-1's as well?

Level 15
Apr 9, 2021 10:09:36 AM

That exact set of questions are used for all non personal returns and on occasion the form 1041 will not produce K-1 forms  but a 1065 will always produce a K-1 for each partner.