Looking for a Schedule K-1 Templates? Download it for free!

Line 12a. Low-Income Housing

activity they relate to) include the

Lines 14b(1) and 14b(2).

following:

Credit

Investment Income and

•

Credit for backup withholding on

Investment Expenses

Your share of the partnership’s

dividends, interest income, and other

low-income housing credit is shown on

Use the amounts on these lines to figure

types of income. Include the amount the

line 12a. Any allowable credit is entered

the amounts to enter in Part II of Form

partnership reports to you in the total that

on Form 8586, Low-Income Housing

4952.

you enter on Form 1040, line 61.

Credit.

•

Nonconventional source fuel credit.

The amounts shown on lines

The partnership will report separately

Enter this credit on a schedule you

14b(1) and 14b(2) include only

on line 12a(1) that portion of the

prepare yourself to determine the allowed

investment income and expenses

CAUTION

low-income housing credit to which

credit to take on your tax return. See

included on lines 4a, 4b(2), 4c, 4f, and 10

section 42(j)(5) applies. All other

section 29 for rules on how to figure the

of this Schedule K-1. The partnership

low-income housing credits will be

credit.

should attach a schedule that shows the

reported on line 12a(2).

•

Qualified electric vehicle credit (Form

amount of any investment income and

If part or all of the credit reported on

8834).

expenses included on any other lines of

•

line 12a(1) or 12a(2) is attributable to

Unused credits from cooperatives.

this Schedule K-1. Be sure to take these

•

additions to qualified basis of property

amounts into account, along with the

Work opportunity credit (Form 5884).

placed in service before 1990, the

•

amounts on lines 14b(1) and 14b(2) and

Welfare-to-work credit (Form 8861).

partnership will attach a statement to tell

•

your investment income and expenses

Credit for alcohol used as fuel (Form

you the amount of the credit on each line

from other sources, when figuring the

6478).

that is attributable to property placed in

•

amounts to enter in Part II of Form 4952.

Credit for increasing research activities

service (a) before 1990 and (b) after

(Form 6765).

1989.

Self-Employment

•

Enhanced oil recovery credit (Form

Keep a separate record of the amount

If you and your spouse are both partners,

8830).

of low-income housing credit from each of

•

each of you must complete and file your

Disabled access credit (Form 8826).

these sources so that you can correctly

•

own Schedule SE (Form 1040),

Renewable electricity production credit

compute any recapture of low-income

Self-Employment Tax, to report your

(Form 8835).

housing credit that may result from the

•

partnership net earnings (loss) from

Empowerment zone and renewal

disposition of all or part of your

self-employment.

community employment credit (Form

partnership interest. For more

8844).

information, see the instructions for Form

Line 15a. Net Earnings (Loss)

•

8586.

Indian employment credit (Form 8845).

From Self-Employment

•

Credit for employer social security and

Line 12b. Qualified

If you are a general partner, reduce this

Medicare taxes paid on certain employee

Rehabilitation Expenditures

amount before entering it on Schedule SE

tips (Form 8846).

Related to Rental Real Estate

•

(Form 1040) by any section 179 expense

Orphan drug credit (Form 8820).

deduction claimed, unreimbursed

•

Activities

New markets credit (Form 8874).

partnership expenses claimed, and

•

The partnership should identify your

Credit for small employer pension plan

depletion claimed on oil and gas

share of the partnership’s rehabilitation

startup costs (Form 8881).

properties. Do not reduce net earnings

•

expenditures from each rental real estate

Credit for employer-provided child care

from self-employment by any separately

activity. Enter the expenditures on the

facilities and services (Form 8882).

stated deduction for health insurance

•

appropriate line of Form 3468,

New York Liberty Zone business

expenses.

Investment Credit, to figure your

employee credit (Form 8884).

allowable credit.

•

If the amount on this line is a loss,

Credit for contributions to selected

enter only the deductible amount on

Line 12c. Credits (Other Than

community development corporations

Schedule SE (Form 1040). See

(Form 8847).

Credits Shown on Lines 12a

Limitations on Losses, Deductions,

•

General credits from an electing large

and 12b) Related to Rental Real

and Credits beginning on page 2.

partnership. Report these credits on Form

Estate Activities

3800, line 1r.

If your partnership is an options dealer

•

The partnership will identify the type of

or a commodities dealer, see section

Qualified zone academy bond credit

credit and any other information you need

1402(i).

(Form 8860).

to compute credits from rental real estate

If your partnership is an investment

activities (other than the low-income

Investment Interest

club, see Rev. Rul. 75-525, 1975-2 C.B.

housing credit and qualified rehabilitation

350.

expenditures).

If the partnership paid or accrued interest

on debts properly allocable to investment

Line 15b. Gross Farming or

Line 12d. Credits Related to

property, the amount of interest you are

Fishing Income

Other Rental Activities

allowed to deduct may be limited.

If you are an individual partner, enter the

The partnership will identify the type of

For more information and the special

amount from this line, as an item of

credit and any other information you need

provisions that apply to investment

information, on Schedule E (Form 1040),

to compute credits from rental activities

interest expense, see Form 4952,

Part V, line 42. Also use this amount to

other than rental real estate activities.

Investment Interest Expense Deduction,

figure net earnings from self-employment

Line 13. Other Credits

and Pub. 550, Investment Income and

under the farm optional method on

Expenses.

The partnership will identify the type of

Schedule SE (Form 1040), Section B,

credit and any other information you need

Part II.

Line 14a. Interest Expense on

to compute credits other than on lines 12a

Line 15c. Gross Nonfarm

Investment Debts

through 12d. Expenditures qualifying for

Income

the (a) rehabilitation credit from other than

Enter this amount on Form 4952, line 1,

rental real estate activities, (b) energy

along with your investment interest

If you are an individual partner, use this

credit, or (c) reforestation credit will be

expense from Schedule K-1, line 11, if

amount to figure net earnings from

reported to you on line 25.

any, and from other sources to figure how

self-employment under the nonfarm

Credits that may be reported on line

much of your total investment interest is

optional method on Schedule SE (Form

12c, 12d, or 13 (depending on the type of

deductible.

1040), Section B, Part II.

-9-

Partner’s Instructions for Schedule K-1 (Form 1065)

Partner'S Instructions For Schedule K-1 (Form 1065) - Partner'S Share Of Income, Credits, Deductions, Etc. (For Partner'S Use Only) - 2003 Page 9

Related Articles

Related forms

Related Categories