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So from 2015-2018 I was an income allocation partner in a business. I was paid as a regular employee on my wages but my cash bonuses were reported as income allocation and reported on a K-1 form. I left in early 2018, I received my W-2 but have not gotten my K-1 form. I have an idea of how much cash I was paid but I am not certain of the amount. I have reached out to the employer but haven't gotten any response. I have money in a 401k there that I cannot move because they still show me as an employee in the 401k system, but that's a whole different issue. How should I handle filing my taxes without that number from the K-1? What happens if I don't report it on my taxes?
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I’ve never received a K1, but if memory serves me, I believe those forms normally arrive later in the tax season. ( I believe this form is due to you by March 15?)
Firstly, even if your company does not send the form you are still responsible to report the income on your taxes. There is generally a process to follow and sadly, it takes time. You can not start the process until after the deadline for the form has passed.
We had a similar situation with a former employer and a W2. The IRS had a form that had to be filled out describing the situation and sent back to the IRS. The IRS then sent the form to the former employer. Basically, it was a process to document that the former employer was notified and then give the employer time to fix it. If the employer does not respond, the final step is to make up your own form— so it behooves you to have good records. I don’t know if it would be the same form for a K1, so you could call the IRS and ask for assistance.
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K-1 forms do come out much later. Like mid-March.
I got rid of one of my investments that had a k-1 for that very reason.Comment
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