ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 96: An EP's Guide to K-1 Income

October 27, 2021
By 
Scott Wisniewski, EA
The K-1 is an animal. It’s the tax form that reports the earnings, losses, dividends and more in pass-through businesses like S Corporations and partnerships. A large portion of ER Docs receives K-1 income – either issuing their own via S Corp, receiving one as a partner in a small or large group, or even as an investor in a limited partnership venture. In any case, the form itself is highly confusing, not in the least bit cut and dry, and overall not something to be taken for granted.

That’s why in this episode, we get into the nitty gritty of what K-1 income is, the different ways to handle and report it, of course ways to reduce your taxable income when receiving it, and some landmines to watch out for.

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Topics Discussed:     
  • The benefit of ensuring your savings plan aligns with your financial goals.
  • What K-1 income is and how you can report it.
  • How you can reduce your taxable income when you’re receiving it.
  • Common mistakes to avoid when it comes to K-1 income.
  • Your options for ways to receive this income.
  • What “phantom income” is.
Resources Mentioned:

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Tags

planning, financial planning, ER doctor, doctors, finances,

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by 
Scott Wisniewski, EA

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