When are LLC's required to get you your K-1?

Discussion in 'Professional Trading' started by Speedracer, Feb 8, 2003.

  1. I was part of an LLC last year and I am wondering when they are required to get me the K-1 they owe me. That is all I am waiting on to do my taxes, and I was wondering if it is supposed to be here by the end of Jan, like 1099's. Anyone out there in the know, Don Bright, etc? Thanks
  2. end of february
  3. nm
  4. "Not receiving a K-1" is a common reason for filing an extension.
  5. BillW


    Most LLC members agreements spell out the last day the LLCs should send out statements and K-1s to their members. If it is not spelled out, the firm has until the day it actually files its tax returns to give you your K-1, namely April 15th; unless it files an extension which gives it till October 15th (in which case the member needing the K-1 should also file his extension). On a goodwill basis, LLCs normally send out the K-1s to their members as early as their CPAs can complete preparing the tax returns.

  6. We get ours out by the end of February, although the reg's don't require that....kinda loose, weird for the IRS.

  7. It's past Feb already, everybody get their K1 yet? Because I'm still waiting
  8. I am still waiting also!
  9. Call your firm and at least get the number, they have them most likely ready by now, but have not mailed out the docs.

    I got mine last Wed.

  10. MrDinky


    The answer from Uncle Sammy himself:

    Regarding Form 1065, Schedule K-1, a partnership must file Form 1065, including Schedule K-1, by the 15th day of the 4th monthfollowing the date its tax year ended as show at the top of form 1065. If the partnership needs more time to file a partnership return, they must file form 8736 for an automatic 3 month extension. Form 8800 is filed if the need more time after that. The partnership is required to issue Schedule K-1 to each partner on or before the day on which the Form 1065 is required to be filed. For each failure to furnish Schedule K-1 to a partner when due and each failure to include on Schedule K-1 all the information required to be shown, a $50 penalty may be imposed with repsect to each Schedule K-1 for which a failure occurs. See pages 5 and 21 of the Instructions for Form 1065.

    IRS forms and publications may be accessed on our web site at the following address: http://www.irs.gov/forms_pubs/index.html or ordered through our toll-free forms line at:
    which is available 24 hours a day, 7 days a week, with 7-10 days delivery time.
    #10     Mar 21, 2003