I understand I have four months to submit the final tax
forms to the IRS after our club disolved.  This means I must
submit the forms before Dec. 31st.  How can I do that when
the form in Bivio is for 2002?

No, you have until the 15th day of the 4th month. That means if your club dissolved in August, you have until December 15, not December 31.

 

What you are supposed to do is use the 2002 forms but fill them out using 2003 tax rules. In most years, that is not an issue, but the change in tax law this year has created changes in the reporting requirements.

 

If you want to see the 2003 forms, they can be found in draft form at:

www.irs.gov/pub/irs-dft/d1065.pdf (Form 1065)

www.irs.gov/pub/irs-dft/d1065sd.pdf (Schedule D)

www.irs.gov/pub/irs-dft/d1065sk1.pdf (Schedule K-1)

 

Draft forms are subject to further change by the IRS before final release, but this should give you a head start. The current release date is projected as 12/4, but that date has been postponed at least twice already.

 

To get the final forms (when released) replace "dft" with "pdf" (no quotes) and replace the "d" in front of the form number with an "f". (If you do that today, you will find the 2002 forms.)

 

Some areas that will be different this year:

 

- you have to identify qualifying dividends and total dividends.

- you have to determine post 5/5 short term capital gains and full-year STCG

- you have to determine post 5/5 long term capital gains and full-year LTCG

- you have to determine pre-5/6 5yr capital gains. (5yr CG disappear after 5/5)

- 5 yr CG are reported on line 25 of Schedule K-1

 

Good luck.

 

Ira Smilovitz