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Get your Schedule K-1 Form 1065 (2018) in 3 easy steps
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Schedule K-1 Tax Form 1065: What Is It?
Schedule K-1 (Form 1065) is an IRS tax form issued annually for the purpose of documenting the revenue, profits, losses, and credits of each partner within a business entity, as well as other IRS-focused financial details about business partnerships. This document should be prepared by each partner within a business entity.
What You Need Schedule K-1 (Form 1065) For
Schedule K-1 is submitted as part of your Partnership Tax Return, Form 1065, which documents your business entity’s total net revenue. The thing is, in the US, partnerships are treated as the so-called ‘pass-through’ entities. Therefore, tax liability is shifted from the entity to the persons (partners) whose common operation is concentrated on it. And that’s where the Schedule K-1 form comes into play.
You have to file the Schedule K-1 (Form 1065) if you’re:
- Part of a general partnership;
- Partner within a limited partnership;
- Operate in a limited liability partnership;
- Partner within a Limited Liability Company that has chosen to pay their income taxes as a business entity.
How to Fill out Schedule K-1 Form 1065
Luckily, the Schedule K-1 Form 1065 is a single-page document. When filling it out, make sure you provide the following data:
- Details about the partnership: CEO’s id number, entity’s business name, full address, as well as your business’s IRS filing address, and whether your business is traded on a stock exchange or a publicly-traded company.
- Details about the partner: partner’s id number, full name, address, as well as the type of partnership and the type of entity.
- Partner’s revenue share, as well as credits, losses, and deductions over the current financial period.
Bear in mind that you can leave certain parts in your Schedule K-1 Form 1065 blank. It depends on your business specifics. Overall, if filling out the document is challenging, it is advised that you check out the guidelines from the IRS or consult with your bookkeeper to save time.
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Fillable online Schedule K-1 Form 1065 (2018)
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