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Late K

It is May 3rd and I just received a late K-1 (Form 1065) from an LLC as a limited partner along with a distribution check that is dated 4/27/2022. The K-1 is for tax year 2021 but the distribution wasn't received until 2022.

I have already filed my 2021 taxes. Do I have to amend my return because the distribution is listed on the 2021 K-1  OR  do I claim the distribution in 2022 since that is when I received the money?


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2 Replies

Late K

you should file an amended return once your original return is fully processed to report the k-1 income/loss. the distribution is tax-free unless it exceeds your tax basis 

Level 15

Late K

If you receive a K-1 dated 2021, the IRS computers will look for it on your 2021 tax return.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
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