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May 3, 2022
Question

Late K

  • May 3, 2022
  • 2 replies
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It is May 3rd and I just received a late K-1 (Form 1065) from an LLC as a limited partner along with a distribution check that is dated 4/27/2022. The K-1 is for tax year 2021 but the distribution wasn't received until 2022.

I have already filed my 2021 taxes. Do I have to amend my return because the distribution is listed on the 2021 K-1  OR  do I claim the distribution in 2022 since that is when I received the money?

 

2 replies

May 3, 2022

you should file an amended return once your original return is fully processed to report the k-1 income/loss. the distribution is tax-free unless it exceeds your tax basis 

Employee
May 3, 2022

If you receive a K-1 dated 2021, the IRS computers will look for it on your 2021 tax return.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.