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Form Schedule K-1 (1065-B) online Glendale Arizona: What You Should Know

The amount that needs to be entered on line 6, in parentheses, is used to report the allocation of partnership items received by members of the partnership in the tax year. If a partnership is formed after Jan. 1, 1993, this line will be blank. This is line 6. This is the amount used to report allocation of partnership items received by members of the partnership in the tax year. Note : If partners receive allocations for the same or comparable items on the basis of their partnership income over another year, no allocation of allocation items need be reported. The amount to report has no effect on the partner's itemized deductions for all or certain partnership items over the year. Partnerships are required to report allocations to the extent it can be determined, consistent with these instructions, that the allocations are attributable to or allocable to items of income or expense that were not made by another partnership partner in the tax year. For instance, if a nonresident partner receives a 100 allocation from a partnership in the tax year (i.e., in column (b) in the Schedule K-1, a partner's section 743 allocation item, line 6, is “Not allocated”. This means no allocation item in column (c) of the Schedule K-1 can be allocated, since it was not made by a member of that partnership in the tax year. The result should be shown as “Not allocated”. In the case of allocations to partners for items that are not itemized, the allocation for the partner in the tax year should be entered in the box on line 6. Thus, the itemized allocation should be entered in the table shown under Part III. The results should resemble this (column (c)): Amount in parentheses below the line shows allocation of allocation items received by the partner in the year. Note : Distributions that are not itemized (i.e., 5,000 or less) should be reported in boxes 8a, 8b and 9c. These amounts should be attributed to each partnership partner. (Nonresident). Distribution on or after 10/31/1992. Distributions of this type may not be included in the computation of any adjustments resulting from section 702. Distribution upon earlier election. Distributions on or after 10/31/1993 may be included in the computations of adjustments resulting from section 702.

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