K-1s for 1065 Self-Study
Taxpayers who are partners in partnerships (or members in LLCs taxed as partnerships) will receive a Schedule K-1 (Form 1065). This course examines what you need to know to properly report the information provided to a partner on Schedule K-1. You’ll learn how to consider the various elections available and whether they are made by the partner or the partnership. Finally, you’ll look at certain deductions the partner may have that are not reported on the Schedule K-1.
Upon completion of this course, you will be able to:
- Determine the partner’s outside basis, at-risk basis and passive loss 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
- 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 an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.