CPA Explains Schedule K-1! Ask a CPA

[@edenpagani1243]

I'm confused. Our CPA issued me a K1 for $80,000. I didn't receive $80k. Can you please explain. Also perhaps the company should have bought something to bring down the profit levels? ??? Help

[@sriran]

Thank you!

[@stacim9356]

What do you do with items in 1065 9c and 10 that, per a footnote, should be increased or decreased?

[@phsx2890]

Schedule k 1 shows down about 5 percent in 3 years . Is it normal and still be positive in the end of 6 years ?

[@genzinvesting8405]

Yes, that can happen, just expect more reported gains in the last few years, especially if year 6 is an exit. Or you won’t, and the PE investors you chose to work with just did not earn good returns with your money.

[@erint933]

I'm in need of help asap - My Schedule K-1 says this is a "Final K-1"...does that mean the "Partnership has ended"...my TurboTax is asking this and I have no idea what to put. Thank you anyone who can help! 🙂

[@AskaCPA]

When the K-1 is marked Final, it could mean that the entity has closed or that your interest in it has ended. I'd reach out to the managing partner or preparer of the tax return if you feel like this was marked in error.

[@erint933]

@AskaCPA thank you!😊👍🏻