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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    I've been driving for about 7 years recently applied to a new company, they don't withhold taxes or do 1099 , instead they do a k-1 at the end of the year I've never ran into this before. Any help greatly appreciated. I live in massachusetts and there based out of new jersey if that makes a difference.
     
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  3. Pool6710

    Pool6710 Medium Load Member

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    Umm isn't that for a visa?
     
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  4. lastofadyingbreed

    lastofadyingbreed Bobtail Member

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    I honestly have no idea I've read it could be for a visa, a estate, llc , I'm confused haha. I don't want to take the position and screw myself by not being informed.
     
  5. lastofadyingbreed

    lastofadyingbreed Bobtail Member

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    Skooter I found that piece of information already but I'm still unsure have you ever dealt with a situation like this?
     
  6. skootertrashr6

    skootertrashr6 Medium Load Member

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    Nope, never have, only thing I can think is they are labeling you a partner so that you pay part of their tax's also since all income would be essentially "split evenly". I could be completely wrong also, but that is what it seems to me
     
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  7. lastofadyingbreed

    lastofadyingbreed Bobtail Member

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    That's what I got from reading what I could find also not sure if I would "split" the portion of what business I did with them or of there company as a whole lol significant difference.
     
  8. skootertrashr6

    skootertrashr6 Medium Load Member

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    Hopefully someone with little more knowledge can help out more, but I don't see the k-1 as being of any benefit to you whatsoever
     
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  9. lastofadyingbreed

    lastofadyingbreed Bobtail Member

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    I'd be doing roughly $1400-$1800 a week and I don't want to get into anything that I'm not sure of but I do have to make a decision as of tomorrow.
     
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  10. skateboardman

    skateboardman Road Train Member

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    heres a thought, ask them exactly how it works.
     
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