KarenCPA-CFE
Level 1
02-25-2022
01:42 PM
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dascpa
Level 12
02-25-2022
01:49 PM
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You don't. Partnership distributions are a return of equity, not income. There should also be a K-1 received from the partnership. Be careful on this that you are not duplicating the income. Many investment houses don't know what to do with this. The K-1 is the "gospel", not the brokerage house info.
KarenCPA-CFE
Level 1
02-25-2022
02:37 PM
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Thank you! I will have several K-1s for this client for her W-2 job but evidently one of the K-1's is for an investment in oil and gas.
qbteachmt
Level 15
02-25-2022
02:50 PM
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"several K-1s for this client for her W-2 job"
Sorry, just to clarify: A partnership is paying this person via Payroll, and she is one of the partners also getting K-1?
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