K-1 Notification

[Richard419]

I have received a notification that my K-1 does not have a corporate name listed.  I have an LLC that I am the only partner (my wife is included due to our state is a common property state).  What would trigger the requirement for a K-1?

[MarilynG1]

If your LLC consists of only yourself and your spouse in a Community Property State, you can choose to be a 'disregarded entity' and file two Schedule C's in your personal return.

If you chose to be considered a Corporation, then you would file a Business Return Form 1065 and issue K-1's to yourself and your spouse.  You would be both the issuer (Corporation) and Recipient on the K-1's. 

Here's more info on Husband-Wife LLC.

@Richard419 

[Rick19744]

@MarilynG1 

I believe you meant to say "partnership" and not "corporation".

A corporation would not be filing a form 1065.

[Richard419]

Correct I did mean to state partnership. However, I do no have any partnerships other than the terminology used in the LLC nomenclature.  I have not been issued nor have I issued a K-1.  

[Richard419]

Thank you, I think that may reach the heart of my issue.  I will go back and revise.