K-1's (for Beginners!)
If you're the beneficiary of a trust or an estate, a partner in a partnership, or a shareholder in a S-Corporation, you're probably gotten one of these forms and wondered what is is and how it affects your taxes. This very introductory video goes over what K-1's are, the three types of K-1's and how they differ, where the numbers on the Schedule come from, and where those figures go on your tax return.
Additional videos are forthcoming on pass-thru entities and their associated K-1's in more detail.
0:00 Introduction
0:37 Pass-thru entities and K-1's
2:50 Where the numbers come from on your K-1
4:18 Reporting the figures from the K-1 on your tax return
6:10 Conclusion
To learn more about types of business organization, click here: • Should your Business be a Proprietorship, ...
For more information on S-Corporations, click here: • How the self-employed can save on taxes us...
Additional Resources and Information:
IRS Schedules K-1:
For estates and trusts: https://www.irs.gov/pub/irs-pdf/f1041...
For partnerships: https://www.irs.gov/pub/irs-pdf/f1065...
For S-Corporations: https://www.irs.gov/pub/irs-pdf/f1120...
Instructions for Schedules K-1:
For estates and trusts: https://www.irs.gov/pub/irs-pdf/i1041...
For partnerships: https://www.irs.gov/pub/irs-pdf/i1065...
For S-Corporations: https://www.irs.gov/pub/irs-pdf/i1120...
IRS Form 1041: "U. S. Income Tax Return for Estates and Trusts": https://www.irs.gov/pub/irs-pdf/f1041...
IRS Form 1065: "U.S. Return of Partnership Income": https://www.irs.gov/pub/irs-pdf/f1065...
IRS Form 1120-S: "U.S. Income Tax Return for an S-Corporation": https://www.irs.gov/pub/irs-pdf/f1120...
Investopedia: "Schedule K-1 Tax Federal Tax Form: What it is": https://www.investopedia.com/terms/s/...
The Tax Geek on The Site Formerly Known as Twitter: www.twitter.com@taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
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Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Creator Music
Outro Music: "Modern Attempt" - Track Tribe under license from YouTube Creator Music
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.