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How to prepare Form Schedule K-1 (1065-B)
About Form Schedule K-1 (1065-B)
Form Schedule K-1 (1065-B) is a tax form used by partnerships or limited liability companies (LLCs) to report each partner or member's share of the partnership's or LLC's income, deductions, credits, and other items. This form is used to report the distribution of profits and losses between the members or partners of the entity. Individuals who are members or partners of a partnership or LLC need to receive a copy of Form Schedule K-1 (1065-B) from their entity each year. They then use the information provided on the form to report their portion of the entity's income and deductions on their personal tax returns.
What Is k1 partnership?
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