Form 8936 – Clean Vehicle Credit from a Schedule K-1
Form 8936 is filed with a Form 1040 (US Individual Income Tax Return) to claim the clean vehicle tax credit. For some individuals, this credit may be passed through to them from a Schedule K-1.
TurboTax 2022 Form 1040 – Publicly Traded Partnerships (PTP) Schedule K-1
If an individual invests in a publicly traded partnership (PTP) which reports their allocable share of the income. The individual uses this information to complete their own Form 1040 tax return.
Recourse vs Nonrecourse Partnership Debts – What Are the Differences?
Partnership debts are allocated to partners in three separate categories: recourse debt, nonrecourse debt, and qualified nonrecourse debt. This article and video tutorial discuss some of the differences and tax rules.
Can I File Form 1065 for a Single Member LLC?
A single member LLC is an LLC that has only one owner. By default, a single member LLC is a disregarded entity for federal tax purposes. Disregarded LLCs have very specific federal tax reporting requirements.
How is Income Allocated in an S Corporation?
An S corporation has fairly strict rules regarding how it allocates income, credits, and distributions to shareholders. S corporation's are allowed to have only one class of stock issued and outstanding to its shareholders.
Is a Form 1065 Filing Required if the Partnership Lost Money?
A partnership entity must generally file an annual Form 1065 partnership tax return. Many partnerships do not realize that they still have to file an income tax return even if the partnership is losing money each year. This article and video discuss the reporting rules.
What are the Basic Fields on Schedule K-1 of Form 1065?
The Schedule K-1 is included with a partnership Form 1065 tax filing. Each partner in the partnership should receive a Schedule K-1 which shows their allocable share of partnership items. This article and video walkthrough the basic fields on the K-1.
How to Prepare IRS Form 1065 (Partnership Tax Return) for 2021
A partnership should file Form 1065 for each year the partnership is in existence. This video tutorial covers a sample Form 1065 filing for the 2021 tax year.