partnership taxes
I worked most of last year as an employee, then i quit and formed a partnership for the last 3 months of the year.My partner has completed the 1065 form and gave me a schedule k-1. My question is this. Do i file my w2 on the 1040, and just include the amount i made as a partner on the 1040, or are there a whole bunch of forms i also need to file...thanks for any help.
Your income from the partnership is included on your 1040 as ordinary income but there is a schedule that you should fill out first. It will tell you what forms are needed to complete your return. You might have to fill out Schedule E. It all depends on what is on the Schedule K-1 form. Look to see if there are any deductions (ie: depreciation) listed.
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