Travis Texas Form Instructions 1065 (Schedule K-1) 2023-2025

Travis Texas Form Instructions 1065 (Schedule K-1): What You Should Know

Line 8 — Other Income — This amount  should be a multiple of one or more Taxpayer's Adjusted Gross Income (AGI), or 1,000, whichever  is less. Line 9 — Other Exempt Income — (optional) This amount is the same as line 8,  but for the amount of non-taxable income  that is excluded from gross income. You can get this amount  by entering the following (as a multiple of 100) in the Excludable Income Column of Schedule K-1. For examples: Lines 9 and 10 — Enter these amounts (as a multiple of 100 or two of  each amount) in the exclusions' column. Then add each of these amounts  to line 8. For an example, lines 9 and 10 are  100 multiplied by 0.5 = 50 200 multiplied by 0.5 = 40 220 multiplied by 0.5 = 30 Line 11 — Non-Taxable Income — For a complete breakdown, see the  Other Exempted Income Section of the IRS Instructions for Schedule K (Form 1065). (You can also find the table below for that section. But see this article for a quick overview. Link here.) Lines 11 and 12 — Enter these amounts (as a multiple of 100 or two of  each amount) in the income column. Then add each of these amounts  to line 8. Then subtract each of the amounts you entered on line 14 (the following amounts are  the same as those on line 12). For an example,  100 multiplied by 0.5 = 50 lines 8 and 12 are  25 multiplied by 0.5 = 25 lines 10 and 14 are  7.75 divided by 125 = 2.25 Line 13 — Capital Gains and Losses — For a complete breakdown, see the  Other Exempted Income Section of the IRS Instructions for Schedule K (Form 1065). (You can also find the table below for that section. But see this article for a  quick overview. Link here.

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