Business K-1s to Schedule E Online Workshop
Schedule E, Page 2, can be overwhelming. This workshop details how to report income, deductions, and losses allocated on Schedule K-1 from partnerships and S corporations. We will review outside basis, at-risk basis, passive loss, and excess business loss rules for partners and S corporation shareholders. Additionally, we will highlight other unique items such as how a partner or shareholder deducts §179 depreciation , qualified business income, excess business interest expense passed through to a partner or shareholder, and other miscellaneous items.
Upon completion of this course, you will be able to:
- Determine taxpayer's basis in a partnership or S corporation.
- Report Schedule K-1 information on Schedule E, page 2.
- Report partner's unreimbursed partnership expenses.
- Report taxpayer's interest expense allocable to a partnership or S corporation.
- Determine the allowable pass through loss deduction.
- Identify tax impact of loan repayments on partners and shareholders.
- Summarize the §179 limitations for partners and shareholders.
- Identify and properly report QBI allocations form the Schedule K-1.
- Explain how to report excess business interest under §163(j) from pass through entities.
- Explain how to handle missed depreciation.
This course includes a student handout and online workshop recording.
Kelly Lent-Paul, EA, CFP®