Question
How would I fill out a Schedule K-1 form 1065 for each partner, given the information for each individual. Schedule of Sharing of Profits, Losses
How would I fill out a Schedule K-1 form 1065 for each partner, given the information for each individual.
Schedule of Sharing of Profits, Losses and Separately Stated Items. Ordinary Business Income is allocated according to individual partners' interest, Including the items below Separately stated as follows on Schedules K and K-1:
- Interest Income are allocated to each partner based on his/her percentage interest ownership
- Contributions of capital are allocated 100% to each partner based on the amount contributed
- Charitable Contributions are allocated to each partner based on his/her percentage interest ownership.
- Net Long-term Capital Gains (Losses) are allocated to each partner based on his/her percentage ownership
- Net Short-term Capital Gains (Losses) are allocated each partner based on his/her percentage interest ownership
- Interest Income are allocated to each partner based on his/her percentage interest ownership
- Qualified Dividends are allocated to each partner based on his/her percentage interest ownership
- Unqualified Dividends are allocated to each partner based on his/her percentage interest ownership
- Real Estate/Housing Credits are allocated to each partner based on his/her percentage interest ownership
- Tax Exempt Interest Income Items are allocated to each partner based on his/her percentage interest ownership
- Withdrawals and drawings are allocated individually to any partner who made one only.
Andrew Anderson 756-12-1111 10 Sysco Way Atlanta GA 30039 General
Bill Bacon 756-12-2222 20 Sysco Way Atlanta GA 30039 General
Cathy Cox 756-12-3333 30 Sysco Way Atlanta GA 30039 General
Doris Day 756-12-4444 40 Sysco Way Atlanta GA 30039 General
Elroy Elders 756-12-5555 50 Sysco Way Atlanta GA 30039 General
Farah Fawcett 756-12-6666 60 Sysco Way Atlanta GA 30039 General
Gomez Gonzalez 756-12-7777 70 Sysco Way Atlanta GA 30039 General
Andrew Anderson 756-12-1111 4/2/2016 Cash $50,000 $50,000 10%
Bill Bacon 756-12-2222 4/2/2016 Cash $150,000 $150,000 31%
Cathy Cox 756-12-3333 4/2/2016 Cash $100,000 $100,000 20%
Doris Day 756-12-4444 4/2/2016 Cash $50,000 $50,000 10%
Elroy Elders 756-12-5555 4/2/2016 Cash $40,000 $40,000 8%
Farah Fawcett 756-12-6666 4/2/2016 Cash $30,000 Land $50,000 $80,000 16%
Gomez Gonzalez 756-12-7777 4/2/2016 Cash $10,000 Computer $7,000 Furniture $3,000 $20,000 4%
BADEC Partnership Balance Sheet 4/2/2016
Assets
Cash
$430,000.0
Computer
7,000.00
Furniture
3,000.00
Land
50,000.00
Total Assets $490,000.00
Liabilities
Total Liabilities $- Partners Equity
Capital-Anderson
$50,000.00
Capital-Bacon
150,000.00
Capital-Cox
100,000.00
Capital-Day
50,000.00
Capital-Elders
40,000.00
Capital-Fawcett
80,000.00
Capital-Gonzalez
20,000.00
Total Liabilities and Partners Equity $490,000.00
Badec Partnership
Statement of Change inPartners Equity
For Period Ending12/31/2016
Begin. Bal. Contributions Withdrawals Allocations Distributions Ending Bal.
Capital-Anderson $50,000.00
$- Capital-Bacon 150,000.00
- Capital-Cox 100,000.00
- Capital-Day 50,000.00
- Capital-Elders 40,000.00 Withdrawals 5,000.00
- Capital-Fawcett 80,000.00 Withdrawals 6,000.00
- Capital-Gonzalez 20,000.00 withdrawals 7,000.00
Partners Equity
Capital-Anderson
$57,299.41
Capital-Bacon
171,898.24
Capital-Cox
114,598.83
Capital-Day
57,299.41
Capital-Elders
40,839.53
Capital-Fawcett
85,679.06
Capital-Gonzalez
15,919.77
Total Liabilities and Partners Equity $543,534.25
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