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tableclocks
Mar 7, 2016, 07:12 PM
I got some k-1 stuff from BNO ( oil stuff I think ), they set a schedule k-1 form 1065, lot of paper work, I have a net lose of 219.00, I wonder if the IRS receives this info ? And if I really have to report it?. thank you...

AtlantaTaxExpert
Mar 7, 2016, 07:40 PM
Yes, you DO have to report, because the IRS DOES get a copy of the Schedule K-1.

The IRS computers WILL look for the data on your return.

tableclocks
Mar 8, 2016, 07:59 AM
Yes, you DO have to report, because the IRS DOES get a copy of the Schedule K-1.The IRS computers WILL look for the data on your return.thank you, I will do it, look like a 6871, thanks... richard

tableclocks
Mar 8, 2016, 08:25 AM
Yes, you DO have to report, because the IRS DOES get a copy of the Schedule K-1.The IRS computers WILL look for the data on your return.I just found the right forn and the place to do it on my tax act, so I did it, not as bad as I thought, thank you very much... richard

AtlantaTaxExpert
Mar 8, 2016, 10:52 AM
Glad to help!

Yes, TaxAct makes K-1 data submission a LOT easier than most tax softwares.