How to Fill Out and File a Schedule K-1?
Asked by: emeka22uche
Taxpayers who own shares in a business partnership are liable for income tax on their shares of the partnership’s income, regardless of whether or not the income is actually distributed to them. The IRS administers these requirement by requiring that partnerships file a U.S. Return of Partnership Income (IRS Form 1065) and provide each share-owning partner a Schedule K-1 to be filed with that partner’s individual tax return.thanks
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