If I invest in a private partnership (Schedule K-1 filings), will my tax bill increase substantially?

Forum|Forum|3 years ago
March 27, 2023
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TurboTax Online

TomK2023

That depends on what the partnership agreement indicates that you are entitled to receive as income, what your responsibility is for expenses, etc. There are too many variables to give you an adequate answer.

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Rick19744

Employee

You should also review the partnership agreement and understand the relationship between income and distributions.

Typically a partnership will make "tax" distributions to the partners to cover any income tax liability. This is generally a fixed tax rate and not partner specific.

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