Business & farm

PatriciaV,

 

Thank you for the answer.  You are saying, when I fill out 1040, I should use the information from VK-1, not the K-1 that came from the 1065, right?  

 

However, just for my understanding:  1065 and its associated K-1 are filed with IRS, while VK-1 is only filed with state of VA.  When IRS process our 1040, they don't  know what's on my VK-1.  Wouldn't IRS's computer flag the discrepancy between what I entered on the 1040 vs what they had received from the 1065?