W2 Income

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How do I get W2 income from a multiple member LLC taxed as a partnership, used as the general partner for an LP for hold properties?.

Metro

Comments(1)

  • DaveT3rd May, 2004

    The general partner should issue each limited partner a Schedule K-1 showing the partnership income to be reported on each member's 1040.

    If you have a general partnership (all partner's are liable, all partners participate in the management decisions and operations, no limited partners), then the "managing" partner should issue the K-1s. Schedule K-1s for the tax year are supposed to be issued to each partner not later than March 31st of the following year.

    If you are really an employee of the partnership and not a partner, then the managing partner should have issued your W-2 (or 1099 if you are an independent contractor) on or before the end of January. [ Edited by DaveT on Date 05/03/2004 ]

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