Here is what you need to do to file your investment club tax forms for 2020.
Make sure to:
- Send in all the forms included in the "Complete Club Tax Packet". This includes the full 1065 form, all K-1 forms, and any other schedules or supplemental itemized details included in the packet. You do not need to send in any withdrawal reports or K-1 attachment pages that do not have any foreign or other income itemized on them.
- Sign the front page of the 1065
- Confirm all member addresses and social security numbers are entered correctly on all K-1 forms and social security numbers are shown for each member on Schedule B-2 if it is part of your return.
- Confirm Name, address, phone and Social security number are correct if you have identified a partnership representative at the bottom of page 3 of form 1065.
- Send in forms Certified mail with a return receipt requested
- Print out a copy for your club files or store a PDF copy in your bivio Files area so you have a way to know in the future exactly what was on the forms you sent in.
- Give members access to their K-1 files on line by checking the box on the Accounting>Taxes page or give each of them a K-1, K-1 Attachment page and K-1 Instruction page as well as any withdrawal reports that pertain to them.