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Schedule K-1. Pub 4491 – Pg 123. Schedule K-1. Reports taxpayer’s share of income, other distributions, deductions, and credits from Estates and Trusts (Form 1041) Domestic Partnerships (Form 1065) S Corporations (Form 1120S) K-1s for Foreign Partnerships (Form 8865) are out of scope.

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Schedule K-1

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Schedule k 1

Schedule K-1

Pub 4491 – Pg 123

NTTC Training — 2013


Schedule k 11

Schedule K-1

  • Reports taxpayer’s share of income, other distributions, deductions, and credits from

    • Estates and Trusts (Form 1041)

    • Domestic Partnerships (Form 1065)

    • S Corporations (Form 1120S)

  • K-1s for Foreign Partnerships (Form 8865) are out of scope

NTTC Training — 2013


Intake and interview

Intake and Interview

  • Look for K-1s

  • Verify in scope!

NTTC Training 2013


Schedule k 12

Schedule K-1

  • In-scope K-1s contain ONLY

    • Interest income (taxable and tax-exempt)

    • Dividends (ordinary and qualified)

    • Capital gains or losses (long or short)

    • Royalty Income

    • Foreign Tax paid for passive activities

  • Anything else is Out-of-Scope

NTTC Training — 2013


Schedule k 1 form 1041

Schedule K-1 (Form 1041)

Note: may have 2012 Form date but be 2013 income for taxpayer.

NTTC Training — 2013


Schedule k 1 form 1120s

Schedule K-1 (Form 1120S)

NTTC Training — 2013


Schedule k 1 form 1065 b

Schedule K-1 (Form 1065-B)

NTTC Training — 2013


K 1 interest income

K-1 Interest Income

  • Also look for exempt interest income

  • Box number varies by form

  • Look on the back of the form for the code descriptions

NTTC Training 2013


Reporting income from k 1

Reporting Income from K-1

Pub 4012, pg D-3

  • Do NOTuse K-1 worksheet

    • Interest or Dividend Stmt – list payer as [Company] K1

    • Net Capital Gain/Loss – Sch D Line 5 for short-term, line 12 for long-term using scratch pad

NTTC Training — 2013


Reporting income from k 11

Reporting Income from K-1

Pub 4012, pg D-3

  • Schedule E for royalties

  • Foreign Tax paid on Form 1116

NTTC Training — 2013


Foreign tax on k 1

Foreign Tax on K-1

  • Box number varies by form

  • Must be coded as Passive income

  • Will be covered in later lesson

NTTC Training 2013


Quality review

Quality Review

  • Verify in scope

  • Verify tax year

  • Verify entries

    • On respective worksheets and forms

    • Not on K-1 in TaxWise

NTTC Training 2013


Exit interview

Exit Interview

  • Will need to explain if out of scope

NTTC Training 2013


Schedule k 13

Schedule K-1

NTTC Training 2013


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