What documents to file for taxes
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What documents to file for taxes Hello, I am slightly confused on what to file. I got this text message when I completed the questionnaire for K-1. ------------------ Investment clubs are required to file one copy of Form 1065, one copy of Schedule K-1 for each member, and the Schedule D and supplementary schedules below. Each member should also receive a copy of the Schedule K-1 for their records. ------------------------------- 1) Should I assume we have to file all the above documents - 1065, K-1 for each member, schedule D and supp schedules - for the club? 2) In addition, when we do our own individual taxes, we use Schedule K-1? 3) Is no 2) sufficient? Correct on all counts. The IRS gets Form 1065, Schedule B-1 (if needed), Schedule D (if needed), a copy of each Schedule K-1, and any supplemental statements generated. Each member uses his/her own Schedule K-1 to prepare his/her own Form 1040.
Ira Smilovitz
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Investor Education at Its BestTM Baltimore, MD August 6 - 8, 2010 http://www.investor-education2010.org/ In a message dated 02/22/10 10:32:17 Eastern Standard Time, prgeorge@bivio.com writes:
Yes. You should send all the documents in for your federal filing. In addition, each member receives their own K-1 and any withdrawal reports for any money they have withdrawn from the club. The information from these is transferred to their personal tax forms. Laurie Frederiksen |
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