tax question on form 1065

James Reese on

As admiinister of our club do i send form 1065 & the k-1 for
each member to the IRS without any tax payment and then
later send my share of the taxes when i do my personal tax
return. Or should i send form 1065 when i do my personal
taxes.

iras1 on

You must file the 1065 and K-1s separately from your personal tax return. Most 1065s will be sent to a different IRS processing center from the 1040s. Your club members will transfer the numbers from their individual K-1 to their 1040 and pay any tax at that time.

Ira Smilovitz

In a message dated 02/10/09 00:04:46 Eastern Standard Time, gees48@bivio.com writes:

As admiinister of our club do i send form 1065 & the k-1 for
each member to the IRS without any tax payment and then
later send my share of the taxes when i do my personal tax
return. Or should i send form 1065 when i do my personal
taxes.

Arthur Klages on

James Reese

You send the 1065 and a K-1 for each member to the IRS.

You send K-1's to the respective members.

Members use their K-1's when filling out their individual 1040's

Arthur Klages, Treas
Senior Investment Club LLC
Greensboro NC

-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of James
Reese
Sent: Tuesday, February 10, 2009 12:05 AM
To: club_cafe@bivio.com
Subject: club_cafe: tax question on form 1065

As admiinister of our club do i send form 1065 & the k-1 for each member to
the IRS without any tax payment and then later send my share of the taxes
when i do my personal tax return. Or should i send form 1065 when i do my
personal taxes.

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