Discussion:1065 K-1 giving TMI
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Discussion Forum Index --> Basic Tax Questions --> 1065 K-1 giving TMI
Discussion Forum Index --> Tax Questions --> 1065 K-1 giving TMI
| 7 April 2008 | |
| Okay, I'm working on reporting the data from a 1065 K-1 for a client and the supplemental information/footnotes included are FAR more detailed/wordy than what I'm used to seeing, so, frankly, I'm getting a bit confused on what to report and where.
1. Foreign Qualified Dividends - this is a line item reported after "Qualified Dividends"; is it just telling me that the FQDs are included in the QDs? Is there a specific place these need to be reported? 2. The following item description has me hitting a wall, as well: "For corporate partners, the following dividends reported on schedule K-1 qualify for the dividends received deduction under IRC section 243". Wha?? What am I supposed to do with this? 3. Right after that, there is a line that says "The amount of expenses attributable to US gov't obligations is:". Also, this is all stuff reported on Line 11-F on the K-1. Help! Thank you so much, in advance! | |
| 7 April 2008 | |
| all of those statements mean something to experienced tax professionals | |
| 7 April 2008 | |
| 1. This makes a difference for the amount of foreign source income included in the calc of the foreign tax credit. In Lacerte, if you put this information in the Sch B input, Lacerte will do the calc for you. If you enter it in the K-1 input section, it won't, and you will have to override. Since the taxpayer pays less tax on qualified dividends compared to ordinary dividends, less is considered for the FTC.
2. Nothing if you're not a corp. I assume on this date that you are working on an indiv, so don't worry about it. 3. Not taxable to the state. Taxable for fed. | |
