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Compass Diversified Holdings Message Board

  • charliecollingwood charliecollingwood Jun 26, 2012 3:03 PM Flag

    codi and taxes

    Can anyone recommend a good book or website that shows how to handle the K-1 information on tax returns? I want to do my taxes myself so I need to figure this out. Thanks.

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    • Can't answer your question, but TurboTax walks you through K1s, line by line. Last time I used TaxCut (tw0 years ago?), TaxCut left you on your own with K1s. Otherwise, there are IRS publications that are almost as clear as a Microsoft User Manual.

      • 1 Reply to mthiker2004
      • Some IRS forms/publications of possible interest.

        IRS Form 1065 is the K-1 Instructions
        IRS Publication 541 Partnerships
        IRS Publication 925 Passive Activity and At-Risk Rules

        The Premier edition of TurboTax seems to handle K-1 pretty well. Just be sure to fill out the table enties for some of the fields as this opens additonal entry pages up. That is, when the K-1 has multiple entries under a number (box 20) and you do not see any place to enter the item there will be an entry that opens up another form where the line item can be input.

        -- Mark --

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