TaxAudit Blog

Tag: K-1

SEP IRA

Limited Partnership Interest in a SEP IRA

When shares of a limited partnership held in a SEP-IRA are completely sold are the gains subject to recapture as ordinary income as shown on the K-1 taxable?

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Tax Extension

What if I won't have all my tax documents by the deadline?

As taxpayers, we are personally responsible for filing our returns both on time and accurately. Failure to do one or both can result in significant penalties.

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Schedule K-1

Do I have to amend my tax return when I get my K-1 form?

If the income items on the Schedule K-1 are sufficiently large, they will generate additional taxes due on your return. You will need to amend your tax return.

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