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

It is the form that is filed to report both the federal and state taxes on the partnership's net income. Use the instructions for TurboT ax to calculate the required adjustment shown for the partnership in Table II, Part A. Example 1 (a) First, find the section 743(b) adjustment that applies for the tax period under discussion. The adjustment for 2023 must be 30,000. This amount applies as of Jan 31, 2022. (b) Next, find the net income and income taxes for the partnership as reported on Table II, Part B. Table II, Part B, shows the partnership's taxable income and the section 743(b) adjustment that applies to the partnership's gross income that was passed through to you. You cannot use the information in Table II, Part B to compute the partnership's gross income. You must calculate the partnership's net income as if the section 743(b) adjustment was no longer applied to the partnership's taxable non-U.S. income. Note: The section 743(b) adjustment must also be used to calculate the required adjustment shown in Table II, Part A. The computation of the partnership's gross income is made by using the income and deductions shown in Table II, Part A for the partnership minus the table value shown in Table II, Part B. (This is an important distinction between the two calculations: Table II, Part A is the total federal income, and Table II, Part B is the total non-U.S. income.) Example 2 (a) First, determine the amount that you should enter on line 20 of Table II, Part A. You should include all items shown on Table II, Part A minus the amount shown on Table II, Part B. The information in Table II, Part A is for 2017; Table II, Part B for 2018. Line 20 of Table (Part A) is in column 5. The number in column 1 of table (Part B) would replace row 10 of table (Part A). In my example, line 20 has column 5 in column 1. I should enter 30,000 on line 20 of Table 2, Part A. In the second example, I need to find my non-U.S. income and then apply the amount shown on Table II, Part C to it. In this case, I need to find line 40 on Table 2, Part C to locate the line 20 adjusted gross income number to work with.

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