Hi all,
I have a quick question. I am a new attending (paid on W-2), but we are also eligible to be shareholder's in my department's outpatient practice. I usually do my own taxes but this will be the last year I will be doing that. I completely forgot that in December 2016, I did purchase my first share and must have received?/lost? the K-1 at some point. Anyway, I filled out the appropriate boxes in TaxAct based on the K-1 I finally got, but my question is this: I gave a check for 500$ for 1 share and received a dividend payment of 1200$ in December. Is this 500$ deductible? The K-1 does not include the 500$ anywhere; this is what it includes:
Box 1: 345, Box 11: 8 Box 15A: -37 Box 16: 1200
I know it's a measly amount and it doesn't really matter if I mess this up, but if someone could help, I would appreciate it. Like I said, I won't be doing next year's taxes because I have no clue what I'm doing and 2017's numbers would obviously be higher. And yes I know I have been procrastinating...
Thanks in advance for your help!
I have a quick question. I am a new attending (paid on W-2), but we are also eligible to be shareholder's in my department's outpatient practice. I usually do my own taxes but this will be the last year I will be doing that. I completely forgot that in December 2016, I did purchase my first share and must have received?/lost? the K-1 at some point. Anyway, I filled out the appropriate boxes in TaxAct based on the K-1 I finally got, but my question is this: I gave a check for 500$ for 1 share and received a dividend payment of 1200$ in December. Is this 500$ deductible? The K-1 does not include the 500$ anywhere; this is what it includes:
Box 1: 345, Box 11: 8 Box 15A: -37 Box 16: 1200
I know it's a measly amount and it doesn't really matter if I mess this up, but if someone could help, I would appreciate it. Like I said, I won't be doing next year's taxes because I have no clue what I'm doing and 2017's numbers would obviously be higher. And yes I know I have been procrastinating...
Thanks in advance for your help!
Comment