Question

Unresponsive S-corp

Forum|Forum|2 years ago
June 28, 2023
1 reply
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I have minority shares in a S-corp. It has never produced neither income or a tax deduction. They have only sent a couple of updates on the company over the 20 years I've been invested. Each year, except this year, I received a K-1. Do I need to file a form 1065? It's an extra expensive to upgrade in order to file the 1065.

Ask the Experts - Energy - June 2023

Cindy4 12

Hi bbq2!

A form 1065 is what a partnership files for income tax purposes.

If the S-corp has dissolved or went out of business they should send you a "final" K-1.

You may still receive a K-1. They often come later than they should. Have you checked with the company?

Hope this helps!

Cindy

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B

bbq2Author

Hi, thanks for your answer. I really never hear from them. I've tried contacting; they don't return emails or calls. Only once, two years ago, did they respond with some information about what they were doing. I know that my investment is lost; assumed so long ago. I doubt they will send anything if and when they dissolve. I just don't want to endure the expense of the premium turbo tax in order to file for a K-1