Get Started

Secure Online Submit Form

If you are a partner of a partnership or corporation, you might be able to deduct out of pocket expenses associated with your ownership. If receive a K-1 and have associated expenses, please use this form to detail that information. You may submit multiple K-1s, etc. as necessary.

 

The Watson CPA Group takes the security and safety of your personal information very seriously. All information is SSL encrypted through GeoTrust.

 

Additional Instructions

K-1 Expenses

If you received a K-1 please describe the nature of your investment or partnership.

List any expenses related to your partnership or ownership that were not reimbursed-

Did you materially participate in the day-to-day operations of the partnership? If so, please describe the nature of your direct activities below-

Submission

Please select the tax year that this information is associated with. In addition, please enter your name so we can group your submissions together plus your email address. Click the Submit button below to securely and safely send this information to us. You can submit as many forms as needed. If you later discover an error- simply re-submit your information and check the box below letting us know.

Yes     No

 

Many people have businesses or partnerships where a K-1 is issued. A K-1 describes the money earned or lost with a partnership or investment, and must be reported on your tax return. There are some provisions within the tax code describing how this form is to be handled, especially losses.

With K-1s specifically, if you are an active member then losses might be deducted on the current year tax return. However, if you are an inactive member (such as the increasingly popular investment partnership) these losses cannot be deducted in the current tax year, yet are carried forward to offset future gains. More discussion might be required.

Lastly, many K-1s especially investment partnerships require a separate state tax return (where the partnership resides).

Please use our online submit forms to detail this information.