harrisonaquino
Registered Users (C)
Hi guys! i need some light here:
My wife was in a partnership (2004), where she put some money and the other partner run a promotional items business. When they did the taxes at HR block her schedule K-1, shows money in the self employment box, however, her activity was passive... An amended tax can be filed for this schedule and actually shows the money as an interest gain or capital gain from the partnership... but, I am still concern since our federal income tax will show this extra money...
Is there anything we should do at this point so that these issue doesn't affect us later in our AOS.
Anyone in the boat or similar experience... thanks
harrison
My wife was in a partnership (2004), where she put some money and the other partner run a promotional items business. When they did the taxes at HR block her schedule K-1, shows money in the self employment box, however, her activity was passive... An amended tax can be filed for this schedule and actually shows the money as an interest gain or capital gain from the partnership... but, I am still concern since our federal income tax will show this extra money...
Is there anything we should do at this point so that these issue doesn't affect us later in our AOS.
Anyone in the boat or similar experience... thanks
harrison