# K1-1065



## miky348 (Sep 23, 2010)

Hi,

I just received K1 for 2013, 2014. I am an individual partner in the LLC, and my role is passive. In both years there was a loss. Please note my tax bill/refund pre-K1 was $0 (i.e. my income was lower than Foreign Earned Income Exclusion)

Details of K-1 (Part-III)
#1: -1,000
#2: -10,000
#5: 600

Questions:
1. Submit 1040X and add $600 to line #8a (i.e. $600 gets added into Sch-B)
2. Revise 8582 and put -11,000 in line # 3b
3. Do I need to submit the revised 8582 with 1040X?
4. Are there any other IRS requirements?
5. Do the K-1 details/figures go anywhere else on the tax return?

Thanks
Miky


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## miky348 (Sep 23, 2010)

miky348 said:


> Hi,
> 
> I just received K1 for 2013, 2014. I am an individual partner in the LLC, and my role is passive. In both years there was a loss. Please note my tax bill/refund pre-K1 was $0 (i.e. my income was lower than Foreign Earned Income Exclusion)
> 
> ...


Help would be appreciated.

Thanks


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## Bevdeforges (Nov 16, 2007)

To be honest, it's a bit tricky to figure this one out from the information you've given. Add to that, we may or may not have (m)any forum members who are familiar with partnership forms and taxation.

But I note that the form 8582 needs to be filed only if you meet some criteria for limiting your passive losses. The fact that you only just got these forms and so I assume you did not declare the losses on the returns for the relevant years means that you can probably just do nothing and that'll be the end of it.

But if anyone seeing this has some knowledge of partnership issues, please chime in here.
Cheers,
Bev


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