Question

How do I enter K-1 information into my personal tax filing without this year's K-1?

Forum|Forum|4 years ago
June 13, 2021
1 reply
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A couple years back I was able to 'co-invest' an amount of money into the company I work for, which is an LLC. I received a K-1 (1065) for that initial investment. Last year, my co-invest was bought out as I had left the company and I made some money on that. I no longer have any investments in the company but I have not received a K-1. How do I file this on my taxes? I know the amount of money I made, but do not know how to enter the Nonrecourse/Qualified Nonrecourse/Recourse or what 'disposed' option I need to select. Any help would be appreciated.

Thank you

TurboTax Online

M

Mike9241

contact the company to find out why you didn't get a k-1. it's impossible for us to give you proper instructions. there should have been an allocation of profit or loss to you in the year you were bought out and also the distributions should have been reported on the k-1. these affect basis. basis affects the reportable gain or loss on disposition. in addition, many times there is ordinary income reported as supplemental info on the k-1 for section 751 income. 751 income adds to basis which reduces the gain on disposition.