Description:

This book is for preparing 2023 taxes. Taxpayers who are partners in partnerships (or members in LLCs taxed as partnerships) will receive a Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. The amount of loss and deductions taxpayers may claim on their individual tax returns may be less than the amount reported on the Schedule K-1 due to various limitations. It is the partner’s responsibility to consider and apply any applicable limitations. This course examines what tax preparers need to know to report the information provided to a partner on Schedule K-1. Learn about the various elections available and whether they are made by the partner or the partnership. Finally, look at certain deductions the partner may have that are not reported on the Schedule K-1.

Topics include:

• Determining the partner’s outside basis, at-risk basis and passive loss limitations
• Identifying the elections made at the partner level (versus the ones made at the partnership level)
• Describing the various items reported on Schedule K-1
• Reporting Schedule K-1 information on the partner’s return
• Reporting items on the partner’s return that are associated with the partnership interest but not reported on Schedule K-1

Product Details:

Item Number: 23324

Level: Basic

Authors: NATP Staff

Published: 2023

Format: Print - 140 pages

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2023 course.