How is a Partnership Taxed?
The partnership files and information return form 1065. Each partner receives a form K-1 that details the individual partner’s share of tax related income, deductions, and other tax related figures. The K-1 is required to complete the individual’s form 1040. Any taxes due are the responsibility of the partners, not the partnership.
Related Questions
- How does capital gain/loss generated in my LLC taxed as a partnership effect my Individual Income Tax Return?
- When is a limited liability company taxed as a partnership, and when is it taxed as a sole proprietorship?
- Does South Carolina issue a state I.D. number to a partnership or LLC taxed as a partnership?
