IRS shows information from a K-1 for a stock we own which shows $51 in Int & $59 in Div. This seems to be "my share as a Partner" of the Int & Div they recd. In reviewing the Instructions for the Sch K-1, it says on the front page: “General Instructions, Purpose of Sch K-1: The partnership uses Sch K-1 to report your share of the partnership’s income, deductions, credits, etc. Keep it for your records. Do not file it with your tax return.” Since I received none of the Interest or Dividends listed (Interest $51) & (Dividends $59), I determined I did not have to report income I did not receive. Is this the correct way to handle a K-1?
FYI, the K-1 also showed $489 Distributions which I did receive as a Dividend sent to my Stock Broker & reported on the Broker's 1099-DIV; I did report ALL dividends received.
