Form 1065 Explained | Schedule K & Schedule K-1 | Introduction to Partnership | CPA/EA

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In this video I have explained the basics of US Partnership Taxation. I have explained Form 1065, Schedule K and Schedule K-1. I have explained Income of Partnership, Deduction of Partnership, Guaranteed Payment and Ordinary Business Income. I have explained the flow through nature of partnership, and how partnership isn't taxed and all the income, loss, credit and deduction is passed through to the partner on their K-1. Partners pick income/loss on their K-1 and report it on their form 1040.

I have also explained each line item on Schedule K and K-1. I have explained what is separately stated Item and Non Separately Item. I have explained in detail the concept of Distribution in partnership and whether distribution is taxable or not.

#partnership #1065
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Great video. Step-by-step instructions and very detail. Thank you very much.

isaiahphan
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Good and useful content... I liked the way you hv used forms to explain the topic...

SANTOSHPATEL-rbbu
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Hi, it is very informative video the way you explained is fantastic. Please make more videos for 1065 return

rupasingh