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    tableclocks's Avatar
    tableclocks Posts: 432, Reputation: 2
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    #1

    Mar 7, 2016, 07:12 PM
    k-1 reporting nessarry?
    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's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    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's Avatar
    tableclocks Posts: 432, Reputation: 2
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    #3

    Mar 8, 2016, 07:59 AM
    Quote Originally Posted by AtlantaTaxExpert View Post
    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's Avatar
    tableclocks Posts: 432, Reputation: 2
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    #4

    Mar 8, 2016, 08:25 AM
    Quote Originally Posted by AtlantaTaxExpert View Post
    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's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #5

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

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