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Level 1

Question

Disbursement with no K-1

Forum|Forum|4 years ago
March 9, 2022
2 replies
18 views

I have received a disbursement, but have not received a K-1 Form. How do I add this additional income to my taxes.

Alumni - Intuit

Since you are taxed as a Scorp or Partnership, you pay income tax on the net income of the business whether you take the money out or not. You are not taxed for actually taking the money.

Income distributed to you via Form k1 increases your basis. Distributions decrease that basis. You are personally only taxed when you take money out beyond your basis (investment, net income), which is uncommon.

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Level 15

you need the k-1.

Mike9241