2374470
You'll need to sign in or create an account to connect with an expert.
The partnership return needs to be completed and the K-1 form issued to each partner to enter on the PERSONAL tax returns. What was actually distributed is immaterial to a personal income tax return ... it only affects the basis in the partnership. If you are totally confused with what I just said RUN to a local tax pro to be educated on what needs to be done to keep the partnership books and file it's return. FYI ... if this is for the 2020 tax year the partnership is very very late and the penalties have been adding up since mid march ... you now owe over $2000 and counting.
So, I don't need to need to mark anything on form 1065 for this event?
You didn't read @Critter-3 response. The distributions need to be reported on the K-1's that are issued to the respective partner. This is all part of completing / preparing the form 1065.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
ke-neuner
New Member
Pamstein
New Member
HNKDZ
Returning Member
yingmin
Level 1
Newby1116
Returning Member