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April 6, 2021
Question

How do I add deductions for a company that didn't provide a K-1, no income for 2020

  • April 6, 2021
  • 1 reply
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New startup Company did not file a 1065, I have no K-1, but I have deductions, like mileage and supplies.

1 reply

ColeenD3
April 6, 2021

They have to file and they have to issue you your K-1.

 

A two member LLC must file a Partnership return regardless of whether or not there was income. Use your EIN.

Partnerships and corporations have different standards for filing an information return or income tax return.

  • A domestic partnership must file an information return, unless it neither receives gross income nor pays or incurs any amount treated as a deduction or credit for federal tax purposes.
  • A foreign partnership generally must file an information return if:
    • It has gross income effectively connected with the conduct of a trade or business within the United States,
    • It has gross income derived from sources in the United States, or
    • It or its U.S. partner is making an election, such as an election to amortize organization expenses.

Refer to the Instructions for Form 1065, U.S. Return of Partnership Income for exceptions to filing requirements.