Description:
This book is for preparing 2022 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 you
need to know to report the information provided to a partner on Schedule K-1.
You’ll learn about 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.
Table of Contents
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)
- 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: E22324
Level: Basic
Authors: NATP Staff
Published: 2022
Format: Electronic PDF - 145 Pages
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Corresponding CPE Courses:
Get this e-book FREE when you purchase the 2022 corresponding course when available.
Purchase Info:
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