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After you file
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.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
May 31, 2019
6:53 PM