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individual k-1's
Our treasurer advised us that we are supposed to file our
individual k-1's with our personal taxes. It is my
understanding that the treasurer files the individual k-1's
with the 1065 and CA 565. Who is supposed to send the
individual k-1's to the tax agencies, the treasurer or the
individual or both?
K1s are a part of the federal 1065 and the CA 565, and therefore should be sent along with those forms to the governing bodies. Individuals use the K1s to assist in preparing their individual returns, but do not send the K1s in when submitting these returns.
 
In other words, your treasurer is wrong.
 
 
Rip West
bivio.com
 
Linda Lee wrote:
> Our treasurer advised us that we are supposed to file our
> individual k-1's with our personal taxes. It is my
> understanding that the treasurer files the individual k-1's
> with the 1065 and CA 565. Who is supposed to send the
> individual k-1's to the tax agencies, the treasurer or the
> individual or both?

Rip is correct. Check out IRS Publication 17 for 2010
Returns, Page 87
“Keep Schedule K-1 (Form 1065) for your records. Do not
attach it to your Form1040”

Roy Williams
The treasurer files the K-1s with the 1065/CA565. The members use the information on the K-1s to prepare their personal returns, but do not include the K-1 itself with their filing.
 
Ira Smilovitz
Join me at InvestEd 2011
Investor Education at Its BestTM
San Diego, CA May 13-15, 2011
http://www.investor-education2011.org/
 
 
 
 
In a message dated 03/05/11 02:41:38 Eastern Standard Time, lindalee0@bivio.com writes:
Our treasurer advised us that we are supposed to file our
individual k-1's with our personal taxes.  It is my
understanding that the treasurer files the individual k-1's
with the 1065 and CA 565.   Who is supposed to send the
individual k-1's to the tax agencies, the treasurer or the
individual or both?