Discussion in 'Prop Firms' started by sell em, Apr 3, 2009.
anyone get there 2008 K-1 or tax information from Assent yet?
still don't have mine
Why do some have it and some not? (supposing everyone is voting truthfully)
What's the use of having a bunch of losses last year if I can't get a K1?
I have no other real issues with Assent. Firm's been great. This, however, pisses me off. Every year it comes right around tax day. If I get it 2 weeks b/4 tax day, that's an early year. Nothing here yet...
I traded at Accord trading and have gotten nothing from them. not even a reply to my email. starting to smell fishy.
getting k1 late with a prop firm is common. but yes it is a pain in the ass though
K-1's per IRS regs are required to be sent March 15th. Call up the compliance officer and suggest that a complaint to the IRS might speed up their compliance. OTOH a K-1 is NOT required to be sent in with your tax forms...just the information in the right spots and with the tax ID of the firm. You can always apply for an extension and/or just file late (as long as you owe no taxes there is no penalty for late filing).
Are you sure about this?
no need to get IRS involved with a complaint to the compliance. just make a few calls. not that hard
File the taxes with the estimated profits/losses from K-1. When receipt of the actual form, then file an amended 1040. It is not that hard and something that is done all the time. Even if you file an extension, you still got to pay the tax with the filing.
yes.... a K-1 is just informational... Trusts, partnerships etc use K-1 's to pass thru income. They do not withold monies to pay taxes like a W2 or 1099R etc. at least in general. IF the partnership DOES withold taxes then you do need to include it...but I've never seen a K-1 with tax witholding. ANY informational K-1 or 1098T etc doesn't need to be submitted with your 1040. Only W2 and 1099R and other's that withold need to be submitted. The information WILL be matched up so you do need to be relatively accurate.
edit..as cstfx said go ahead and file, if the K-1 is significantly different than file the ammeded return.
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