K-1 Deadline for Prop firms

Discussion in 'Prop Firms' started by esc_trader, Apr 15, 2003.

  1. As I understand it, the partnership has until the due date for the partnership's tax returns to get K-1's to the traders. So, including possible extensions, traders may not get K-1s until after April 15th (if an extension was filed by the firm for their own taxes).

    Is this just procrastination on the firm's part, since I hear not many traders got their K-1s early.
  2. RichSohn


    Firms need every last second to cook the books.

  3. Sending a K1 is a little harder than a 1099 ...
  4. How so? Your partership income for the year is apparent three trading days after Jan 1st.
  5. Try figuring it out that fast, that K1 has all the companies operations tied to it ...
  6. I thought it was to give time for the prop firm to count up all their millions! :)
  7. lot of work ...