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K-1s with all zeros

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    K-1s with all zeros

    Strange situation--My client brought 5 K1s (1065) and 4 of the 5 have zero entered in every category. Not blank but actual zero entries. The fifth K1 has
    Box 1-(1)
    Box 2-(11)
    Box-5--7
    Box 19A---5

    I have entered information from the K1 with amounts
    My question is about the other 4 K1s that have zero amounts. Should I entered the basic information for Partnership the issued the K1 and leave everything blank? Or just not enter at all?
    I've never seen K1s like this.
    Thanks for any help

    #2
    Was there any detail shown in the capital account on bottom left for those blank K-1s?
    Uncle Sam, CPA, EA. ARA, NTPI Fellow

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      #3
      Check to see if any are marked final....???
      This post is for discussion purposes only and should be verified with other sources before actual use.

      Many times I post additional info on the post, Click on "message board" for updated content.

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        #4
        Of the 4 K1s with zero yes 3 do say final return. The 4th one does not. All 4 have amounts in detail for capital contributed during year and withdrawals. The one that is not marked final has beginning capital and ending capital

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          #5
          Originally posted by Bonnie View Post
          Should I entered the basic information for Partnership the issued the K1 and leave everything blank? Or just not enter at all?
          Unless your software is generating diagnostics, why wouldn't you just enter them as provided?

          "You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard

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            #6
            I always lean toward entering everything. Especially K-1s, because the IRS has a matching program. Especially K-1s marked FINAL. Especially K-1s with any capital information, such as capital contributed during year and withdrawals &/or an ending balance. Enter everything. SWAN.

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