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...

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.

Quote:

---

Originally Posted by AtlantaTaxExpert

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

Quote:

---

Originally Posted by AtlantaTaxExpert

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

Glad to help!

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