NEED INFO ASAP! !! what is a "k 1" ?

Discussion in 'Ask An Owner Operator' started by lastofadyingbreed, Nov 25, 2014.

  1. lastofadyingbreed

    lastofadyingbreed Bobtail Member

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    Skateboard man wild after thought that was the first person I asked. They couldn't provide any useful info just stated that everyones situation is different. So I am trying to rely on fellow truckers who have zero benefit from lying to me screwing me or dancing around to make it sound good.
     
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  3. FuzzFace2

    FuzzFace2 Medium Load Member

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    Did you check with your CPA if he/she knows what it might be?
    Dave ----
     
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  4. leftlanetruckin

    leftlanetruckin Road Train Member

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    This, end of thread.

    Martin
     
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  5. lastofadyingbreed

    lastofadyingbreed Bobtail Member

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    CPA ? Not familiar please explain for me
     
  6. texan59

    texan59 Bobtail Member

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    Over the years, I've been owner or part owner of a number of businesses that issue K1s. A K1 is a tax document that details each owners or partners share of the company's income for tax purposes. It has nothing to do with how much you have been paid to perform services for said company. The only way you would be due to receive a K1 would be if you were part owner of the company.

    If you were also working for that company (which is why, I assume, you are interviewing with them), you would also be due a w2 or 1099 for any compensation paid to you. Somebody is confused at the company if they are going to "pay you by K1" because a K1 has nothing to do with employee/contractor compensation.
     
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  7. leftlanetruckin

    leftlanetruckin Road Train Member

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    Certified Public Accountant.

    Martin
     
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  8. lastofadyingbreed

    lastofadyingbreed Bobtail Member

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    Thank you Texan , I think this might be a company I'm going to have to pass on I've spoke to a few different individual's and keep getting the "um I'll check" or "let me transfer you to someone that might be able to help with that" thanks guys much appreciated.
     
  9. lastofadyingbreed

    lastofadyingbreed Bobtail Member

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    Left lane thanks for clearing the up I don't have one I'm usually just a company drive.
     
  10. leftlanetruckin

    leftlanetruckin Road Train Member

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    Even as a company driver, I would speak to one and see what they can do for you. I would imagine they would more than pay for themselves.

    Martin
     
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  11. Hurst

    Hurst Registered Member

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    Sounds like a 1099 to me.

    :dontknow:

    Hurst:smt111
     
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