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I need assistance....please
Can a k-1 be issued for a partnership without the Form 1065 be prepared. Both partners are general partners and pay se tax on their personal return.
Thank you
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No.
Although I understand some software lets you.
K-1s are part of the 1065.
The more I know the more I don’t know.
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I guess only preparing a K-1 would cut down on tax prep time 🤷♂️
Slava Ukraini!
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thank you for the responses...i am just baffled why k1s were issued for tax year 2019 and I am still trying to find out if the partnership return was prepared the first year that the company became a partnership in 2019. 1 The partners don't have one. The 2 partners were made general partners, so SE tax was paid on their personal return. I thought I was missing something, since K1s are on the partners personal returns and no partnership return in sight.
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I'm curious why it matters at this point. Did they get a notice?
The more I know the more I don’t know.
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Does the K-1 have a partnership name? Address? EIN? If so, I would expect a 1065 was filed. If Not, i.e. the key elements are blank, it was done just to show the equitable distribution of what they considered a joint venture not subject to filing of 1065. (not saying that is right!)
For the year you are doing, are there any 1099s? If so are they SSN or EIN?
Answers are easy. Questions are hard!