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Schedule K-1 Form 1065 Tax Return

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For an updated 2023 K-1 walkthrough: • 2023 IRS Form 1065 Sch...
For other videos on Form 1065 & Schedule K-1s for partnerships, see our playlist here:
• Form 1065 (Partnership...
This is not a video on how to complete a Form 1065 partnership tax return. It is a guide on the total numbers from Form 1065 flow through to the individual partners' Schedule K-1s.
For other form tutorials that might be applicable to your return, check our videos here:
File Form 1065 with No Activity: • Do I Need to File a Fo...
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Form 5884 Work Opportunity Credit: • IRS Form 5884 - Work O...
Schedule C: • Form 1065 Schedule C -...
Schedule B-1: • Form 1065 Schedule B-1...
Schedule B-2: • How to Elect Out of th...
Form 8825 Rentals: • How to Complete IRS Fo...
Record Unreimbursed Partnership Expenses: • How to Record your Unr...
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Deducting Business Gifts: • Can Business Gifts Be ...
Foreign Owned LLC Form 1065: • Foreign Owned Multi-Me...
Foreign Owned LLC Partnership Pay No Tax: • Foreign Owned Multi-Me...
Do I Need a Form 1065 If I Lost Money: • Do I Need to File a Fo...
Subject to Self-Employment Taxes?: • Do I Pay Self-Employme...
For a larger database of tutorials, please visit our website and search for your question:
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DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended, and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
#Form1065 #ScheduleK1 #PartnerhsipTax

Опубликовано:

21 авг 2024

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Комментарии : 18

@JasonDKnott 6 месяцев назад

For an updated 2023 version of Schedule K-1: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-o_ZdEFw2ryU.html

@synka44 6 месяцев назад

This is such a helpful video! Thanks for making it 🙂

@brightonmusic 2 года назад

Very informative! Would be great if you could make a video for specifically how to enter the 1065 into Turbtax, especially for small investor.

@JasonDKnott 2 года назад

We will add it to the list of tutorials! Thanks for watching!

@Hhan3637 2 года назад

Hi Jason, can you please do a tutorial video on Schedule K-2 & K-3? Thanks!

@JasonDKnott Год назад

Yes! We are working on some K-2 and K-3 videos.

@drewpickard554 Год назад

There is alot of information in this video, but there is a huge hole for info online about this. That is a partnership that lost money, it changes a whole lot of things, and they still have to file and dont have the $ most likely to pay for a accountant. I know you have a video saying people like that NEED to file

@patriciaquiroga3305 Год назад

GRacias excelente explicación

@JasonDKnott Год назад

Glad it was helpful!

@julieb9630 Год назад

Hi Jason, thanks for the work... On the K-1 form, line 8, which shows short-term net capital gains, on which line is transferred to the 1040Nr form. The case is a domestic LLC that obtained profits from the purchase and sale of shares in stock market, and they partners are non-resident aliens. I understand from everything I have read and followed videos that they do not pay taxes on that profit, but I do not understand how to fill out the 1040NR form please, I appreciate your answer.

@fah8600 Год назад

So what about line 14A and 14C? Does 14C gets passed onto the 1040 and reported for the year?

@losaguilar2640 4 месяца назад

That’s exactly what I was looking for in the video 😐

@evgeniyaderbush2365 2 года назад

Hi Jason! How do you calculate ending capital if there were no withdrawals and the business is in loss?

@JasonDKnott 2 года назад

A partner's capital account reconciliation would be increased by the amount of cash contributed during the year and then decreased by the allocation of the losses to that partner.

@brainage23 Год назад

Are K-1 line 19 distributions taxed "on their own"? It seems like they should only be taxable to the extent that they exceed the capital contributed (Sec L). I don't see how the cost basis comes into play. It's like buying stock for $1000, selling it for $1200 and paying tax on the full $1200, even though the gain is only $200. Confused. thx

@ravikacker8102 2 года назад

Hi Jason, How do you report from K1 Box 20 Code B - Investment Expense for Tax within 1040. Do we report that in Form 4292 and carry it down to Line 9 in Schedule A to itemize that deduction? Please advise.