Anyone got any K1 reporting tips?

[mike44]

I'm basically just an income investor. Some of the better income investments are partnerships, royalty trusts, etc that generate K1 forms instead of 1099 for tax reporting. After a few years dealing with them, they don't seem so hard now except that 1) they are always sent out toward the end of March/early April, and 2) many of them seem to get revised after April 15th.

I do my own taxes and sometimes it takes a couple of weeks to work through all the forms and instructions so this late K1 arrivals always cause me extra anxiety. Any tips to make it easier to deal with K1 reporting?

HH
Mike

 

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[Old Bookaroo]

I'm basically just an income investor. Some of the better income investments are partnerships, royalty trusts, etc that generate K1 forms instead of 1099 for tax reporting. After a few years dealing with them, they don't seem so hard now except that 1) they are always sent out toward the end of March/early April, and 2) many of them seem to get revised after April 15th.

I do my own taxes and sometimes it takes a couple of weeks to work through all the forms and instructions so this late K1 arrivals always cause me extra anxiety. Any tips to make it easier to deal with K1 reporting?

HH
Mike

If your K-1's are late every year, and often revised, consider applying for the automatic extension and you'll have more time to get it right.

Good luck to all,

The Old Bookaroo