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Form Schedule K-1 (1065-B) North Carolina: What You Should Know
Instructions for Partnership Income Tax Return — NC.gov Line 3 — Enter the net annual income or loss from Schedule K, Federal Income Tax. The net annual income or loss is the combined total of lines. 1 through. 11 of Form 1065 Schedule K and K-1 Analysis. The net income is the amount reported on Schedule K, but less any deduction allowed by Part I of Schedule K (e.g., foreign tax credit) and line 18. This is also the line for partnership taxes owed to the IRS. Instructions for Partnership Limited Liability Company (LLC) and Partnership Income Tax Return — NCA CCPA Line 5 — Enter the net tax paid or accrued on Schedule K, Federal, or net Federal tax paid from Schedule K, Supplemental. The net tax paid or accrued is the combined total of line 3 and line 14 of Part III of Schedule K. Instructions for Partnership Income Tax Return — NCA CPA Line 15a — Enter the total of the following: (1) line 3 for Schedule K, Federal Income Tax and line 15 of Form 4106, Statement of Partnership Income or Loss ; and (2) line 15 for Schedule K, Supplemental. Instructions for Partnership Income Tax Return — NCA PPA Line 14 — Enter the amount shown on Schedule K, Supplemental. Line 14 includes items reported on line 11(b) of Schedule K and line 14a is the amount shown on line 14 of Form 4106. Line 4 of Form 4106 (Statement of Partnership Income) is for line 9A(a) of Schedule A (Form 1040) of Schedule K (Form 1065), Federal Income Tax and Schedule A, Section A (Form 1065), Supplemental. Line 4 shows the following amounts: line 5 for amounts included on line 15a of Part III of Schedule K; (line 6 and line 11(b) of Schedule K) are the amounts shown for line 9 and 12 of Form 1065, and line 9 is the amount shown on Schedule K, Federal Income Tax.
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