Originally Posted by Andy2009
Thanks so much. Yeah the company I bought shares in was set up as a limited partnership so it's a "pass-through" entity.
Attached is a schedule K-1 (form 1065). As you can see it has many numbers on it so I'm not sure what amounts to report to the IRS. This was for 2017 and last year was the first year I hold shares in this company.
Do you mind looking at the picture and explain to me what amounts I should report to the IRS and what tax form I should report those amounts on please?
sorry I can not tell you all the forms and lines that you need to report all income, CG, loss or etc. I fyou need professional help then youmay contact an IRS Enrolled Agent/ a CPA doingtaxes in your local area for your fed/state returns.as said previously, the Sch K-1 of 1065 reflects a partner?s , your share of income, deductions, credits and other items that you will need to report on your individual tax return (Form 1040);for example, you need to report $5670 on line 5 on SCh K1 of 1065 on your 1040 line 8a and on part 1 of sch B of 1040; Partnerships (including LLCs taxed as partnerships) pass qualified dividend income through to noncorporate partners, then you need to report the amt onyour sch k1 line 6a on your 1040 line 9b, also report the amt on sch k1 line 6b on your 1040 line 9a with sch B;the amt of 36271 on line 9a needs to be reported on 1040 line 13 of 1040 and sch d of 1040 and form 8949;also the amt of 29638 reported on line 19 with the code A needs to be reported on 1040 line 17 with a sch E of 1040;6065 on sch k1 line 20 with code A needs to be reported on your 1040 line 21and on line 4a of form (Form 4952) "
You need to report 784 on sch k1 line 20 with code B on line 5 of form (Form 4952) as Investment Interest Expense Deduction.
The amt of 2009 with Code N is reported on yor 1040 line 17b and need to ATTACH SCH E OF 1040
THE AMT OF 2009 IN Box 13 of sch k1 of 1065 with Code H, you should enter the amount on sch A line 27. deductions are not taken into account in figuring your passive activity loss for the year. Do not enter them on Form 8582
The amt of 784 with Code K , on an attached statement, the partnership will show the type and amount of qualified expenditures to which an election under section 59(e) may apply. The statement will also identify the property for which expenditures were paid or incurred. If there is more than one type of expenditure, the amount of each type will also be listed.
Generally, section 59(e) allows each partner to elect to deduct certain expenses ratably over the number of years in the applicable period rather than deduct the full amount in the current year. Under the election, you may deduct circulation expenditures ratably over a 3 year period. Research and development expenditures and mining exploration and development costs qualify for write-off period of 10 years. Intangible drilling and development costs may be deducted over a 60 month period, beginning with the month in which such costs were paid or incurred.
If you make this election, these items are not treated as adjustments or tax preference items for the purpose of the alternative minimum tax. Thenyou need to make this election on (Form 4562).
Because each partner decides whether to make this election under section 59(e), the partnership cannot provide you with the amount of the adjustment or tax preference item related to the expense. You must decide how to claim the expense on your return and compute the resulting adjustment or tax preference item. As said you need to contact a tax pro in your local area for professional accurate help