Hello YouTube, Todd Ault here, and Welcome to Wall Street Words! Today's Wall Street term is "Schedule K-1
K-1, if you ever been in a partnership, you understand what a K-1 is. If you're a member of a limited partnership or an LLC, you should be getting a K-1 every year telling you what the company made or lost and your percentage of the profit loss or gain. Now, these K-1's are important, they come out from the general partners every year and they're required to issue them to you so you can file your taxes.
Now, personally, I've been in lots of partnerships, the K-1's seem to never be on time and they're always a delay in following your returns. I find that anyone who is waiting for K-1 usually files their tax return in October. Unfortunately, K-1's are important part of the process. They're also issued if you are part of an "S-Corporation", you're a shareholder, you get your cut of the profits, it passes along to you. K-1 is an important tax document. As a side note, if you're an S-Corporation issuing K-1's, you need to report that activity on "Form 1120-S".
It's important to understand if you have K-1's, if your part of a partnership, to read them. It's important to understand your capital account, how much money you invested, and if the losses are flowing through to you. Now in real estate transactions, sometimes the general partner keeps more of the losses and reports different gains or losses to you. These are really critical items and I would always pay attention to reading the K-1's, and making sure they're following the "Operating Agreement" and that you're getting taken care of. "K-1 (aka Schedule K-1)," that's the word today.
Definition - A Schedule K-1 is a tax document used to report the incomes, losses, and dividends of a business's partners or an S corporation's shareholders. The Schedule K-1 is prepared for each individual partner and is included with the partner’s personal tax return.
A Schedule K-1 is a tax document used to report the incomes, losses, and dividends of a business's partners or an S corporation's shareholders. The Schedule K-1 document is prepared for each individual partner and is included with the partner’s personal tax return. An S corporation reports activity on Form 1120S, while a partnership reports transactions on Form 1065.
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Wall Street Words word of the day = Schedule K-1
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