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Questions Answered by Jaspreet Singh Hundal
1 Answer | Asked in Tax Law for California on
Q: I'm a partner in a busines in CA and I need help with a question related to the personal income tax for profits didntget

The business made $33,000 in profits and they sent me an IRS form to put $11,000 for personal income to which i have to pay personal income taxes on (There are 3 partners in the business). My issue is that I never received any of those profits to pay that tax with. All the work I've done for... Read more »

Jaspreet Singh Hundal
Jaspreet Singh Hundal
answered on Jul 6, 2017

This can be a confusing issue for many taxpayers who are partners in a partnership. As a partner, you will report your share of income that is listed on your K-1. With partnerships, you are taxable on your share of income regardless of whether or not you received a distribution. The tax laws with... Read more »

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