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Antioch California online Form Schedule K-1 (1065-B): What You Should Know

This is the last day for partners to claim a deduction for interest or dividends from the partnership. You must file Schedule K-1 in order to claim deductions on your Federal income tax return. If you are a partner in a partnership or S corporation, you or the partners must enter a partner's TIN on Schedule K-1, by completing and filing the Instructions for Schedule K-1. You or the partners will also need to submit a claim for a deduction for capital losses. Note If your share of the partnership's income is less than the amount shown under Your Part of a Partnership's Income, you may be able to exclude 100% of the partnership deductions. Learn more at Deductible Partner Deductions. After each year of partnership taxable income is reported, the partnership will withhold 10% of the partnership amounts you had deducted with your return. If you had claimed a deduction for these amounts with your return, the partnership will withhold the 10% from these amounts. However, you may not receive your partnership deductions back. Learn more. 2021 Schedule K-1 (Form 1065) — Partner's Share of Income, Deductions, Credits 2021 Partner's Instructions for Schedule K-1 (Form 1065) — IRS You may need to fill out this partner's information or may have it ready and waiting in your partner's office if they do not do it for you. The information should include your partner's business address, tax identification number (TIN), state, and name of business, if different. Your partner can report the following on Schedule K-1 (Form 1065): The partner's income, deductions, or credits The amount of interest or dividend income paid to your partner, and what portion The amount of capital losses of your partner The amount of distributive share of partnership income and deductions of any partner(s) You may have to estimate the amount of distributions (including interest and dividends) that were not reported on your return and that have not been withdrawn from or distributed to investors and reported elsewhere under Schedule H, Miscellaneous. The partnership will withhold (10%) if you did not give a partnership TIN under paragraph (a) or (b) above for any partner(s)' income, deductions, or credits. If a partnership TIN is not listed on Form 1065-B, enter the TIN for the partner who did not give a TIN or that partner's TIN.

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