Form K-1 is an Internal Revenue Service form that is used to report partnership, S corporation or trust income. Form K-1 is also known as Form 1041, Form 1065 and Form 1120S for trust income, partnership income and S corporation income, respectively. It is extremely important to properly fill out the Form K-1 as the computed income from the K-1 is used in other federal tax return forms, such as Form 1040.
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Form 1041 (K-1)
One version of the K-1 is Form 1041 for the reporting of income from a trust or estate. On the form you must identify the trust or estate's name, its tax identification number, the name of the trustee or fiduciary, and your identifying information. You must also indicate interest income, dividends, capital gains and ordinary income. You may also take estate tax deductions on the form. Form 1041 should not be filed unless you are subject to backup withholding.
Form 1065 (K-1)
The Form 1065 version of the K-1 is utilised to report a partner's share of partnership income. Similar to the Form 1041, you must report the partnership's name, address and tax identification number. You must also disclose your status as a partner, including whether you are general partner, limited partner, cohabiter or foreign partner. In addition to partnership income, you may report partnership losses as an offset against your gains. Form 1065 should not be filed with your tax return, the partnership itself must file Form 1065.
Form 1120S (K-1)
Form 1120S is the K-1 used for shareholder income derived from an S corporation. Form 1120S requires disclosure of your income from the corporation reduced by any taxes the corporation has paid on that income. The corporation will file the 1120S on your behalf. In addition to identifying information for both the corporation and the shareholder, you must disclose the shareholder's percentage of stock ownership for the tax year.
Form 8082 can be used by a partner, shareholder, or trust beneficiary if the income and tax reported on the K-1 forms is inconsistently treated on your personal tax returns. That is, the taxes on the income listed on Forms 1041, 1065, or 1120S is different than your reported K-1 income on your personal tax returns. Form 8082 has a long section for you to write down an explanation for the inconsistency between the forms.
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