IRS 1065 Schedule K-1 Form

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IRS 1065 Schedule K-1

The partnership uses Schedule K-1 to report
your share of the partnership’s income,
deductions, credits, etc. Keep it for your
records. Do not file it with your tax return
unless you are specifically required to do so.
(See the instructions for Code O. Backup
withholding, later.) The partnership files a
copy of Schedule K-1 (Form 1065) with the
IRS.

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OMB No. 1545-0099

Schedule K-1 (Form 1065)

2012

Department of the Treasury Internal Revenue Service

For calendar year 2012, or tax

year beginning

, 2012

ending , 20

Partner’s Share of Income, Deductions, Credits, etc.

▶ See back of form and separate instructions.

651112

Final K-1 Amended K-1

Information About the Partnership

Part I

A

Partnership’s employer identification number

B

Partnership’s name, address, city, state, and ZIP code

C

IRS Center where partnership filed return

D Check if this is a publicly traded partnership (PTP)

Information About the Partner

Part II

E

Partner’s identifying number

F

Partner’s name, address, city, state, and ZIP code

G

General partner or LLC member-manager

Limited partner or other LLC member

H Domestic partner Foreign partner

I1 What type of entity is this partner? (see instructions)

J

Partner’s share of profit, loss, and capital (see instructions):

Beginning

Ending

Profit % %

Loss % %

Capital % %

K

Partner’s share of liabilities at year end:

Nonrecourse . . . . . . $

Qualified nonrecourse financing . $

Recourse . . . . . . . $

L

Partner’s capital account analysis:

Beginning capital account . . . $

Capital contributed during the year $

Current year increase (decrease) . $

Withdrawals & distributions .. $

( )

Ending capital account . . . . $

Tax basis GAAP Section 704(b) book

Other (explain)

M

Did the partner contribute property with a built-in gain or loss?

Yes No

If “Yes,” attach statement (see instructions)

Partner’s Share of Current Year Income, Deductions, Credits, and Other Items

Part III

1 Ordinary business income (loss)

2 Net rental real estate income (loss)

3 Other net rental income (loss)

4 Guaranteed payments

5 Interest income

6a Ordinary dividends

6b Qualified dividends

7 Royalties

8 Net short-term capital gain (loss)

9a Net long-term capital gain (loss)

9b Collectibles (28%) gain (loss)

9c Unrecaptured section 1250 gain

10 Net section 1231 gain (loss)

11 Other income (loss)

12 Section 179 deduction

13 Other deductions

14 Self-employment earnings (loss)

15 Credits

16 Foreign transactions

17 Alternative minimum tax (AMT) items

18 Tax-exempt income and

nondeductible expenses

19 Distributions

20 Other information

*See attached statement for additional information.

For IRS Use Only

For Paperwork Reduction Act Notice, see Instructions for Form 1065.

Cat. No. 11394R

Schedule K-1 (Form 1065) 2012

I2

If this partner is a retirement plan (IRA/SEP/Keogh/etc.), check here (see instructions) …………..

IRS.gov/form1065

Schedule K-1 (Form 1065) 2012

Page 2

This list identifies the codes used on Schedule K-1 for all partners and provides summarized reporting information for partners who file Form 1040. For detailed reporting and filing information, see the separate Partner’s Instructions for Schedule K-1 and the instructions for your income tax return.

1.

Ordinary business income (loss). Determine whether the income (loss) is passive or nonpassive and enter on your return as follows.

Passive loss

Report on

See the Partner’s Instructions

Passive income

Schedule E, line 28, column (g)

Nonpassive loss

Schedule E, line 28, column (h)

Nonpassive income

Schedule E, line 28, column (j)

2.

Net rental real estate income (loss)

See the Partner’s Instructions

3.

Other net rental income (loss)

Net income

Schedule E, line 28, column (g)

Net loss

See the Partner’s Instructions

4.

Guaranteed payments

Schedule E, line 28, column (j)

5.

Interest income

Form 1040, line 8a

6a.

Ordinary dividends

Form 1040, line 9a

6b.

Qualified dividends

Form 1040, line 9b

7.

Royalties

Schedule E, line 4

8.

Net short-term capital gain (loss)

Schedule D, line 5

9a.

Net long-term capital gain (loss)

Schedule D, line 12

9b.

Collectibles (28%) gain (loss)

28% Rate Gain Worksheet, line 4 (Schedule D instructions)

9c.

Unrecaptured section 1250 gain

See the Partner’s Instructions

10.

Net section 1231 gain (loss)

See the Partner’s Instructions

11.

Other income (loss)

Code

A

Other portfolio income (loss)

See the Partner’s Instructions

B

Involuntary conversions

See the Partner’s Instructions

C

Sec. 1256 contracts & straddles

Form 6781, line 1

D

Mining exploration costs recapture

See Pub. 535

E

Cancellation of debt

Form 1040, line 21 or Form 982

F

Other income (loss)

See the Partner’s Instructions

12.

Section 179 deduction

See the Partner’s Instructions

13.

Other deductions

A

Cash contributions (50%)

B

Cash contributions (30%)

C

Noncash contributions (50%)

D

Noncash contributions (30%)

E

Capital gain property to a 50%organization (30%)

F

Capital gain property (20%)

G

Contributions (100%)

}

See the Partner’s Instructions

H

Investment interest expense

Form 4952, line 1

I

Deductions—royalty income

Schedule E, line 19

J

Section 59(e)(2) expenditures

See the Partner’s Instructions

K

Deductions—portfolio (2% floor)

Schedule A, line 23

L

Deductions—portfolio (other)

Schedule A, line 28

M

Amounts paid for medical insurance

Schedule A, line 1 or Form 1040, line 29

N

Educational assistance benefits

See the Partner’s Instructions

O

Dependent care benefits

Form 2441, line 12

P

Preproductive period expenses

See the Partner’s Instructions

Q

Commercial revitalization deduction from rental real estate activities

See Form 8582 instructions

R

Pensions and IRAs

See the Partner’s Instructions

S

Reforestation expense deduction

See the Partner’s Instructions

T

Domestic production activities information

See Form 8903 instructions

U

Qualified production activities income

Form 8903, line 7b

V

Employer’s Form W-2 wages

Form 8903, line 17

W

Other deductions

See the Partner’s Instructions

14.

Self-employment earnings (loss)

Note. If you have a section 179 deduction or any partner-level deductions, see the Partner’s Instructions before completing Schedule SE.

A

Net earnings (loss) from self-employment

Schedule SE, Section A or B

B

Gross farming or fishing income

See the Partner’s Instructions

C

Gross non-farm income

See the Partner’s Instructions

15.

Credits

A

Low-income housing credit (section 42(j)(5)) from pre-2008 buildings

B

Low-income housing credit (other) from pre-2008 buildings

C

Low-income housing credit (section 42(j)(5)) from post-2007 buildings

D

Low-income housing credit (other) from post-2007 buildings

E

Qualified rehabilitation expenditures (rental real estate)

F

Other rental real estate credits

G

Other rental credits

}

See the Partner’s Instructions

H

Undistributed capital gains credit

Form 1040, line 71; check box a

I

Alcohol and cellulosic biofuel fuels credit

See the Partner’s Instructions

Code

Report on

J

Work opportunity credit

K

Disabled access credit

L

Empowerment zone and renewal community employment credit

M

Credit for increasing research activities

N

Credit for employer social security and Medicare taxes

}

See the Partner’s Instructions

O

Backup withholding

P

Other credits

16.

Foreign transactions

A

Name of country or U.S. possession

B

Gross income from all sources

C

Gross income sourced at partner level

}

Form 1116, Part I

Foreign gross income sourced at partnership level

D

Passive category

E

General category

F

Other

}

Form 1116, Part I

Deductions allocated and apportioned at partner level

G

Interest expense

Form 1116, Part I

H

Other

Form 1116, Part I

Deductions allocated and apportioned at partnership level to foreign source income

I

Passive category

J

General category

K

Other

}

Form 1116, Part I

Other information

L

Total foreign taxes paid

Form 1116, Part II

M

Total foreign taxes accrued

Form 1116, Part II

N

Reduction in taxes available for credit

Form 1116, line 12

O

Foreign trading gross receipts

Form 8873

P

Extraterritorial income exclusion

Form 8873

Q

Other foreign transactions

See the Partner’s Instructions

17.

Alternative minimum tax (AMT) items

A

Post-1986 depreciation adjustment

B

Adjusted gain or loss

C

Depletion (other than oil & gas)

D

Oil, gas, & geothermal—gross income

E

Oil, gas, & geothermal—deductions

F

Other AMT items

}

See the Partner’s Instructions and the Instructions for Form 6251

18.

Tax-exempt income and nondeductible expenses

A

Tax-exempt interest income

Form 1040, line 8b

B

Other tax-exempt income

See the Partner’s Instructions

C

Nondeductible expenses

See the Partner’s Instructions

19.

Distributions

A

Cash and marketable securities

B

Distribution subject to section 737

C

Other property

}

See the Partner’s Instructions

20.

Other information

A

Investment income

Form 4952, line 4a

B

Investment expenses

Form 4952, line 5

C

Fuel tax credit information

Form 4136

D

Qualified rehabilitation expenditures (other than rental real estate)

See the Partner’s Instructions

E

Basis of energy property

See the Partner’s Instructions

F

Recapture of low-income housing credit (section 42(j)(5))

Form 8611, line 8

G

Recapture of low-income housing credit (other)

Form 8611, line 8

H

Recapture of investment credit

See Form 4255

I

Recapture of other credits

See the Partner’s Instructions

J

Look-back interest—completed long-term contracts

See Form 8697

K

Look-back interest—income forecast method

See Form 8866

L

Dispositions of property with section 179 deductions

M

Recapture of section 179 deduction

N

Interest expense for corporate partners

O

Section 453(l)(3) information

P

Section 453A(c) information

Q

Section 1260(b) information

R

Interest allocable to production expenditures

S

CCF nonqualified withdrawals

T

Depletion information—oil and gas

U

Amortization of reforestation costs

V

Unrelated business taxable income

W

Precontribution gain (loss)

X

Section 108(i) information

Y

Other information

}

See the Partner’s Instructions

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