This is the question:
“Did either (or both) of your parents file an IRS Schedule K-1 (Form 1065) for 2015?”
I understand that Form 1065 applies to partnerships. DH and I are an S Corp (we are the owners and only employees). We each get a Schedule K-1, but it’s Form 1120S.
Since the question specifically mentions Form 1065, I assume I can answer this negatively. Is that correct?
Thanks!
People don’t file K-1 forms, entities file them (trust, estate, S Corp, LLC, partnership) and owners/shareholders/partners/beneficiaries receive them and report the income. So it’s an odd question.
Sigh, great. I don’t remember dealing with this last year. I don’t want to get in trouble for under-reporting anything, but I thought everything shows up on our 1040, anyway.
I have never filled out the FAFSA but we also file as an S Corp which generates a K-1. Faced with that question, I’d scratch my head and answer no.
I did get a chuckle from the FAFSA help site:
"IRS Schedule K-1 (Form 1065) is for tax filers who are self-employed.
Select Yes if your parents filed an IRS Schedule K-1 (Form 1065) for 2015.
Select No if your parents did not file an IRS Schedule K-1 (Form 1065) for 2015."
OK, I’ll go with the head scratching and reply no.
I am curious what your outcome was with regard to the K-1 1165 or 1020s, as we are also an S-Corp with the same question.