K-1 Notification

Forum|Forum|3 years ago
April 18, 2023
3 replies
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I have received a notification that my K-1 does not have a corporate name listed. I have an LLC that I am the only partner (my wife is included due to our state is a common property state). What would trigger the requirement for a K-1?

mglauner

If your LLC consists of only yourself and your spouse in a Community Property State, you can choose to be a 'disregarded entity' and file two Schedule C's in your personal return.

If you chose to be considered a Corporation, then you would file a Business Return Form 1065 and issue K-1's to yourself and your spouse. You would be both the issuer (Corporation) and Recipient on the K-1's.

Here's more info on Husband-Wife LLC.

@Richard419

Richard419Author

Thank you, I think that may reach the heart of my issue. I will go back and revise.

Rick19744

Employee

@mglauner

I believe you meant to say "partnership" and not "corporation".

A corporation would not be filing a form 1065.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.

Richard419Author

Correct I did mean to state partnership. However, I do no have any partnerships other than the terminology used in the LLC nomenclature. I have not been issued nor have I issued a K-1.