K-1s for 1065 and 1120-S On-Demand Webinar
Taxpayers who are in a partnership or members of LLCs (taxed as partnerships) require special attention. When preparing their returns, you must know the accompanying forms. The most common one for this instance is a Schedule K-1 (Form 1065). In this course, you’ll learn to properly report the information provided to a partner, available deductions and whether various elections are made by the partner or partnership.
Individuals who are shareholders in an S corporation also receive an accompanying form to their return – a Schedule K-1 (1120S). This form reports the taxpayer’s share of the corporation’s income, deductions, credits, etc. In this course, you will learn how to report the basic information from this schedule on your individual client’s return and limitations that might apply before you can report certain items such as losses and distributions.
Upon completion of this course, you will be able to:
- Calculate the shareholder’s basis in the S corporation.
- Determine how much of a pass-through loss is deductible after applying the basis, at-risk, and passive activity limitations.
- Analyze the shareholder’s tax effects when receiving distributions from an S corporation.
- Correctly report various pass-through items from Schedule K-1 on Form 1040, including unique items, such as the sale of property when §179 was deducted.
- Determine the partner’s basis, at-risk, and passive limitations.
- Identify the elections made at the partner level (versus the ones made at the partnership level).
- Describe the various items reported on Schedule K-1.
- Correctly report Schedule K-1 information on the partner’s return.
- Report items on the partner’s return that are associated with the partnership interest but not reported on Schedule K-1.
This course includes:
- Online workshop recording with review questions
- Exam questions
- CPE is issued after exam is successfully completed.
Kathryn M. Keane, EA