The LLC had a loss this year, and no dividends were paid to me. But what form does it need to give me with the formal numbers about my share of the losses and profits of the business.
2007-01-10 01:59:29 · 6 answers · asked by lesaint770 2 in Business & Finance ➔ Taxes ➔ United States
Thank you Matthew! I kept thinking 11-K in my head and it just wasn't right.
2007-01-10 02:10:48 · update #1
Would this be schedule K-1 of 1020S (corporations) or 1065 (partnerships), since I have an LLC?
2007-01-10 02:18:25 · update #2
Yeah I just found that online, thanks Wayne. You guys rock.
2007-01-10 03:05:55 · update #3
THe FIRST thing that needs to be determined is that taxable entity type the LLC is!
If no specific election was made the to IRS, the defaults are:
Sole owner: Pass-through entity taxed on Sched C
More than one owner: Partnership (reported on 1065)
If you made an election, you may be taxed as a corporation or S-corporation.
If you are a sole owner in default mode, NOTHING is reported on separate documents; everything is on your Schedule C of Form 1040.
WealthBuilder
Tax Specialist
2007-01-10 03:10:45 · answer #1 · answered by WealthBuilder 4 · 1⤊ 0⤋
LLC's are a non-entity interior the eyes of the IRS, yet are frequently filed on type 1065 as a partnership. Partnership tax regulation is with the aid of a approaches the craziest of all tax regulation. So...right this is an occasion: Joe owns Joe, LLC. Joe has one worker, Jim. Jim gets paid $one hundred in keeping with hour and Joe gets paid $250 in keeping with hour. during the 365 days, Jim works 25 hours, and Joe works 30 hours. The LLC's income assertion appears like this: gross revenues: $one hundred,000 Joe's gross revenues: $7,500 Jim's gross revenues (Joe's in simple terms worker) : $2,500 different Misc costs $40,000 ----------------- internet income $50,000 Joe is the one hundred% proprietor of the LLC, so he could routinely would desire to passthrough all the revenue. whether, Joe will pay himself with the aid of "distribution" that has not something to do with the hours he works the two money of $25,000 during the 2006 tax 365 days (Jan a million, 2006 to Dec 31, 2006 as a result). The LLC prepares the two W-2's, sending Joe the W-2 for $7,500. The LLC then prepares the ok-a million, displaying undemanding organization income of $50,000, yet self-employment income of $0. So sure, the income is going into Joe's tax return, however the self-employment income does not, saving Joe from the extra self-employment tax. this would be what your buddy's husband is speaking approximately. If not, he probable claimed the $50,000 distribution as a "certain fee" for using capital or for amenities presented and this could (under the information presented) very nearly certainly not get up in tax courtroom. wish that facilitates.
2016-10-30 12:52:45 · answer #2 · answered by ? 4 · 0⤊ 0⤋
If you were employed by the LLC you would get a W-2. As an owner you should receive a K-1 reporting any distribution of profits from the LLC.
2007-01-10 02:06:17 · answer #3 · answered by ? 6 · 1⤊ 0⤋
If it is a single member LLC that did not elect to be taxed as a corporation, you wouldn't receive anything. You just enter everything on your Schedule C the same as any sole proprietor would.
2007-01-10 02:49:58 · answer #4 · answered by Wayne Z 7 · 1⤊ 1⤋
What Matthew said ^
2007-01-10 02:10:45 · answer #5 · answered by Wood Smoke ~ Free2Bme! 6 · 0⤊ 0⤋
i believe that is the form # anw-ep-4, but im not sure
2007-01-10 02:03:35 · answer #6 · answered by furryswordfish 1 · 0⤊ 0⤋