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DISTRIBUTION WAS GIVEN TO 1 OF THE PARTNER. THERE IS NO 1099 R ISSUED TO THE PARTNER. HOW DO I TREAT THIS DISTRIBUTION?

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Level 1
last updated ‎April 13, 2020 12:50 PM
 
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Level 14
last updated ‎April 13, 2020 12:50 PM

Partners don't get 1099s.

Is it really a distribution? Or a guaranteed payment?

Why did this partner get it and no other partners?


ex-AllStar
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Level 15
Level 15
last updated ‎April 13, 2020 12:50 PM

"DISTRIBUTION WAS GIVEN TO 1 OF THE PARTNER. THERE IS NO 1099 R ISSUED TO THE PARTNER. HOW DO I TREAT THIS DISTRIBUTION?"

 

A 1099R would be issued to a taxpayer by a financial institution for retirement distribution...so I don't think that's what you meant to type, is it?

Are you preparing a 1065 partnership return or the partner's 1040 return?  


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 1
last updated ‎April 13, 2020 12:50 PM

First time I am doing their form 1065 but i was  also do their 1040 Tax Return

They mentioned to me that they did their contributions and also a distribution to one partner. 

do i need to wirte the contribution on their form 1065 line 18 for thieir 1065 return 

 

Thanks for your help.

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Level 14
last updated ‎April 13, 2020 12:50 PM

Capital contribution?

You need the Operating Agreement.

Line 18 is for pension contributions for employees. Pension contributions for partners go on Sch K nd K-1 Line 13R

 


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Level 1
last updated ‎April 13, 2020 12:50 PM
 
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