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Cedar Rapids Iowa online Form Schedule K-1 (1065-B): What You Should Know
Schedule K-1, Partner's or Shareholder's Share of Income (S Corporation). 2 Determine the percentage of partnership assets to be reported as income. 3 Subtract each partnership item (i.e. salaries, wages, commissions, etc.) from the total amount or use the IRS Form 2106. 4 Assume an income tax of 1.5% on partnership items and 1% on salaries, wages, commissions. 5 Determine the amount of partnership taxable income to be reported for each partnership item. For example, determine the tax on a partnership salary of 200. 5.1 A partnership salary equals 3,000. A partnership profit sharing payment equals 1,000. A partnership interest payment equals 100. Total partnership taxable income is 3,000. 5.2 In 2014, the 4,000 taxable income is divided by 4,500 which equals 1,650. 5.3 To figure your return, multiply 1,650 by 39.6, divide by 99, and finally subtract the amount of tax due. For example, 1,650 is the federal tax (1.5%) plus the Illinois tax (1%). Partner's Share of Income (S Corporation). Income from partnerships is reported on Form 1065, U.S. Return of Partnership Income. Forms are available from the IRS: Form 1065-MISC, Miscellaneous Income Form 1065-K, Partner's Share of Income (S Corporation) Form 1065-X, Form 1065-K, Partner's Share of Income (S Corporation), Alternative Disclosure Schedule Form 1065-K, Partner's Share of Income (S Corporation) with Notice of Federal Tax Lien Form 1065-K, Partner's Share of Income (S Corporation) Schedule K-1-P, Partner's Share or Partner's Shares of Income (S Corporation), Alternative Disclosure Schedule Iowa Income Tax Form I-407, Income Tax Return Iowa Income Tax Form I-614, Income Tax Information Statement Iowa Income Tax Form I-600, Income Tax Return Information Statement The state income tax returns are available from the Iowa Secretary of State: If both partners or shareholders submit a 1065P at the same time, the partner's share is entered first.
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