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My mother owns a small business and I’m one of the partners but I do not get any income,My name/SSN it’s just Listed as one of the partners, do I have to summit anything?

Forum|Forum|6 years ago
January 20, 2020
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Just to add 1 more thing my information is under the EIN (employee identification number) through the IRS website as I was the one who summited this form to be able to have an EIN for the company

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Best answer by AmyC

The word partner conjures up visions of a K1 in my head.

Your mom will do her business return by March 15. Your mom will need to use our business software. It handles Partnerships, S Corp, C Corp, multi-member LLC, trusts and estates.

Almost all of the business options generate a K1. Your mom could be a C corp but that isn't common with a small business.

Once the business return is finished, any flow through from her business would be mailed to the partners. Partners receive a K1 that goes on their personal return.

If you would like to reply and clarify, we are glad to help.

AmyCAnswer

Employee

The word partner conjures up visions of a K1 in my head.

Your mom will do her business return by March 15. Your mom will need to use our business software. It handles Partnerships, S Corp, C Corp, multi-member LLC, trusts and estates.

Almost all of the business options generate a K1. Your mom could be a C corp but that isn't common with a small business.

Once the business return is finished, any flow through from her business would be mailed to the partners. Partners receive a K1 that goes on their personal return.

If you would like to reply and clarify, we are glad to help.

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