2022 IRS Form 1065 Schedule K-1 Walkthrough

In this video, we'll walk you through how to fill out the Schedule K-1 as part of the IRS Form 1065. This example is a continuation of the 1065 walkthrough example of YouTube business partnership split evenly between two partners 50/50.
Here are all of the IRS Forms you will need in this example, to include:
IRS Form 1065
IRS Form 1065 Instructions
IRS Form Schedule B-1
IRS Form Schedule K-1

#IRS #Form1065 #partnership

DISCLOSURE: We are not financial advisers. The ideas presented in this video are for entertainment purposes only. Although the information is researched and vetted beforehand, it may not be up to date at the time of viewing. Please do your due diligence and research on the topic. You (and only you) are responsible for the financial decisions that you make.

[tuanis]

After watching several videos, this guy gets it. Simple walkthrough of the most common situations while looking right at the form. 🙌

[HaleyRaeChristianCannell]

You deserve a damn award for these videos! You're a real one. Thank you!

[MareCha]

Thank you again for your informative and concise explanations. I feel so much more confident filling out my K-1

[calebsanter]

Just wanted to say that your videos are a wonderful resource to small business owners that can't afford an accountant! You're the best! I hope you're doing well!

[smsb]

I have had such a hard time trying to do our 1065 and the K1 over the past 2 years and now after watching your video, I finally get it! Thank you so much! Your explanation is concise and so very clear. I wish my accounting teachers back at university would have been as straight forward as you are. Do you have another video showing how to file ones' personal taxes carrying through the info from the LLC with deductions and the such?

[kellyfuerte]

YOU'RE THE BEST! After struggling for days, we did everything in 30 minutes. Thanks dude.

[leahshin]

This video is really helpful! Is there an updated one for 2024?

[lauradalton]

very helpful, thank you for simplifying the process for my pregnancy brain!!

[gwenrobbins]

This video was helpful! Thank you for making this so easy to understand

[janthou]

You did a great job explaining! I was able to complete my form following allowing. Thank you so much!

[Marva]

Section L: if your partners have the same share of ownership, but they had different amount of gain/losses you can enter those amounts in this section on lines 2 + 3 in section L. This is so all the partners DONT end up with the same amount of gain/loss and they end up with their actual share of contributions. I feel like this is a very important fact you should address.

[moonstone]

I’ve never heard or had this form before but yet I received something like this from something called alliance Bernstein! I filed my taxes before and never had something like this!

[GhostPharaohGaming]

Is this what my siblings and I would follow, for a shared AIRbnb K1? First year so we’re kind of confused by it all

[Rob-oht]

Concerning a K3 do all shareholder need to fill out the K3 form?, Does domestic filing exception requires the partnership to meet all of the four below elements apply to a shareholder of stock or the partnership as an entity? : I own IEP and am filling out my taxes. Does owning a couple of foreign ADR stocks through a US brokerage count as No or Limited Foreign activity?

[yolondaattaglo]

Thank you for the video. It was super helpful.

[asphaltandtacos]

This form was intimidating for me but does not look to be as bad now.

[danielostapov]

for NON US resident K1 if I don't have SSN or TIN just leave blank line E ?

[PhoenixRising-yf]

Your videos are very informative. Thank you for explaining everything the way that you my one request...talk slower so we can take notes & walk ourselves through everything. Thank you! You're a fast talker....but you know the "language".

[BrainBehindBusiness]

Hi, Can you please confirm if ordinary business income for all partner will be Net Profit/Number of partners or just what they have taken as distribution for the period?

[debbiewinterton]

Hi! This is great! Thank you for breaking this down so it is easy to understand. I am wondering where on the form do you add owner withdrawals?