K-1s for 1065 Self-Study

Summary

Taxpayers who are partners in partnerships (or members in LLCs taxed as partnerships) should receive a Schedule K-1 (Form 1065) to report their share of the partnership's income, deductions, credits, etc. You’ll learn how to consider the various elections available and whether they are made by the partner or the partnership as a whole. Finally, you’ll look at certain deductions the partner may have that are not reported on the Schedule K-1.

Objectives

Upon completion of this course, you will be able to:

• 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.

Course Details

This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.