Federal and NY State Taxes and K1

Mark Bubb on

Is there any reason I need to wait for the NY state tax
forms to distribute the K1 statements to my club members? I
am thinking not, but want to make sure.

Frederick G. Vetter on

Mark Bubb wrote:
> Is there any reason I need to wait for the NY state tax
> forms to distribute the K1 statements to my club members? I
> am thinking not, but want to make sure.

I don't think you have to wait but don't hold me to it...

Hey I have a question if you don't mind? Does the club have
to file a 1040 or just those other forms on the tax page??

Thanks
G

Gene Rooks on

The partnership/club files a 1065. Individuals file form 1040. Gene
Rooks, SWIM, Orlando

Frederick G. Vetter on

Gene Rooks wrote:
> The partnership/club files a 1065. Individuals file form 1040. Gene
> Rooks, SWIM, Orlando
Thanks Bro!!

Rip West on

Better make that 'Thanks Sis!!!' <g>

Rip West
Saint Paul, MN

----- Original Message -----
From: Frederick G. Vetter
To: club_cafe@bivio.com
Sent: Saturday, February 09, 2008 10:45 AM
Subject: club_cafe: Re: Re: Federal and NY State Taxes and K1

Gene Rooks wrote:
> The partnership/club files a 1065. Individuals file form 1040. Gene
> Rooks, SWIM, Orlando
Thanks Bro!!

Rob Nagler on

Mark Bubb writes:
> Is there any reason I need to wait for the NY state tax
> forms to distribute the K1 statements to my club members? I
> am thinking not, but want to make sure.

The NY return does not affect your IRS return. However, I recommend
waiting anyway. There's no rush to file your taxes. You might get a
corrected 1099 from your broker, or you might find an error in your
accounting while doing the NY return.

Cheers,
Rob

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