Reporting Partnership K-1s on Form 1040: Tax Basis Capital, Built-In Gains, and 2019 Additions

An encore presentation featuring live Q&A

A 110-minute CPE webinar with interactive Q&A


Monday, June 22, 2020

1:00pm-2:50pm EDT, 10:00am-11:50am PDT

or call 1-800-926-7926

This webinar will review the significant changes made to Schedule K-1, Form 1065, due to tax reform, and guide practitioners in reporting the individual line items on individual income tax returns.

Description

Now that practitioners have grasped the changes to Schedule K-1, Form 1065, resulting from the recent tax reform, the IRS has yet again made significant changes to this schedule. Negative tax basis capital reporting is now required, built-in gains and losses are included, and Section 743(b) basis adjustment amounts have all been added to the K-1 in 2019. These are only three of the multiple changes made to this schedule.

Even in the past, correctly reporting K-1 activity on an individual's K-1 was challenging. To some degree, the changes are welcome, providing tax professionals with information that some felt was necessary and lacking. Accurately reporting the information from a K-1 is critical to calculating a taxpayer's taxable income, carryforwards, and basis correctly.

Each of the 22 lines and respective amounts represents a separate reporting obligation. Line 20, Other Information, can be particularly troubling and now includes 23 reporting options from A to AH.

Listen as our panel of experts reviews the changes made to schedule K-1 for flow-through entities as a result of the recent tax reform and the latest changes made to the schedule for 2019. They will explain the significance of each box as well as where and how each is reported on the taxpayer's Form 1040.

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Outline

  1. Income items, Lines 1-11
  2. Deductions and losses
  3. Other reporting items
  4. Section K: recourse, non-recourse debt, and QNR liabilities
  5. Capital account reporting
  6. 2019 Additional reporting obligations

Benefits

The panel will review these and other important issues:

  • The changes made to the 2019 Schedule K-1
  • Reporting differences based on liability type
  • Where to report box 11, Other Income (loss) items on the 1040
  • The effect of tax basis capital balances on 1040 reporting

An encore presentation featuring live Q&A.

Faculty

Kristan, Joe
Joe B. Kristan, CPA

Partner
Eide Bailly

Mr. Kristan is a problem solver and helps clients succeed by finding a tax-friendly path to their goals. He has 35...  |  Read More

Kuntz, Amie
Amie Kuntz, CPA

Tax Senior Manager
Eide Bailly

Ms. Kuntz, CPA, is a Senior Manager with Eide Bailly LLP. She has 13 years of diverse experience working in both...  |  Read More

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