2006-06-11 16:35:57 · 2 answers · asked by kim1084 1 in Business & Finance ➔ Taxes ➔ United States
The information on a K-1 is data reported to the IRS on another tax return. It gives figures for your gain or loss from the entity ( trust, partnership, estate) that the other tax return was prepared for.
You should give a copy of the K-1 to you tax preparer just as you do a W-2 or 1099.
If you do your own tax return the information is usually on the K-1 telling you where to put each figure on your 1040. You can download a publication with more details from IRS.gov. Good Luck!
2006-06-11 18:43:47 · answer #1 · answered by Mike 3 · 1⤊ 0⤋
Its an information form distributed by partnerships or trusts to the partners and fiduciaries of the trust, to report each paticipants share. Its for information purposes only and isnt to be filed with your tax return. The information on the return is to be used to fill out the participants tax return.
2006-06-11 17:02:25 · answer #2 · answered by jeff410 7 · 0⤊ 0⤋