TN Form Instructions 1065 (Schedule K-1) 2023-2025

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

Feb 1, 2025 – 2025 to code E of Schedules K-2 and K-3 (Form 1065), box 12 or 23 to report amounts received from tax-exempt organizations and qualified organizations or churches for relief efforts if you are a 501(c)(3) organization or religious organization. You will receive a rebate of tax on the amount you paid over to this organization for this relief contribution. Feb 1, 2025 – 2025 to code A of Schedule K–2 (Form 1065), box 34 to report partnership items that are not eligible to be reported as part of the partnership's income using a Schedule K–1. This is for items you paid in partnership for work performed in partnership for any of the reasons listed above. Mar 1, 2025 — If you have taxable partnership income from Schedule K–1, K–1, K–2, K–3, Schedule K–1 (Form 1065), and/or any other entity and the amount, if any, of the partnership item on your return was less than the amount of income reported on Schedule K–1, K–1, K–4, K–5, K–6, K–7, or K–8 of Schedule C (Circular E). You should use Schedule E (Circular C) to file the return for the amount of taxable partnership income on your return for that year and any period prior to the due date for filing (including extensions). Mar 1, 2025 — If you have taxable partnership income from Schedule K–1, K–1, K–2, K–3, Schedule K–1 (Form 1065), and/or any other entity and the amount, if any, of the partnership item on your return was greater than the amount of gross income reported on Schedule K–1, K–1, K–4, K–5, K–6, or K–7 of Schedule C (Circular E). You should use Schedule E (Circular C) to file the return for the amount of taxable partnership income on your return for that year and any period prior to the due date for filing (including extensions). Feb 1, 2025 — Taxpayers who have qualified distributions from their IRA must file Form 5498 (Individual Retirement Arrangements Statement) to report the gross income, if any, that the IRA provider would have received as long as the IRA maintained a surplus for the qualified distribution year, or received more than 100,000.

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