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Form Schedule K-1 (1065-B) for Akron Ohio: What You Should Know

Deductions: You report your net income on your federal Schedule or your federal Forms 1040, 1040A, or 1040EZ;. Your federal deductions, if any, are shown on Form W-2, Schedule SE, Form 1040, 1040A, or 1040EZ (unless you claim the credit for itemized deductions);. Your state income tax is shown on your state income tax forms. If your state requires to be itemized deductions (see below) you should also report your deductions on your FTA form. Capital Gains/Losses: The cost of your property, if any, is shown on Form 1040 and Schedule SE. If you had no property, you report on Schedule SE and Form 1040. The deduction is shown on Schedule A, itemized. Deductions for Social Security and Medicare: Any amounts paid on an employer-provided insurance plan are shown on Schedule SE. Note that the cost of your disability benefits is shown on your Schedule SE if applicable. Excise Taxes For purposes of excise taxes, Schedule K is not an annual return and can't be used to compute the 3,000 maximum excise tax.  If you make Form 1065 a duplicate, it will be rejected unless otherwise determined by the IRS. A schedule made for a spouse's interest will generally be accepted; see Question 7 for exceptions and instructions. In addition to the federal amount of excise tax, you may be subject to state or local taxes.  Capital Gains & Dividends: Capital gains and capital gains distributions from the sale of shares of stock (or other property, such as an interest and an interest in a trust or partnership) received after November 21, 2015, are reported on your federal Schedule or Schedule SE and included in your gross income; you can use Schedule K to report the capital gain distribution. Capital losses from the sale of stocks or other property can be reported on Schedule K. The same principles apply as with Schedule SE.  If you are an individual receiving an exclusion from gross income for the qualified housing portion of your qualified housing indebtedness, you reported the housing debt on Schedule SE (in box 22). See Question 5 in section 4.1.3 for exceptions and instructions.

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