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Deconstructing the K-1

2 CPE for AFSP, EA, CFP®, CPA, CRTP   

Taxpayers who are owners of pass-through entities, such as partnerships or S corporations, will receive a Schedule K-1 reporting their share of the pass-through entity's activity for the tax year. The issue with the Schedule K-1s is they can be a bit tricky to report. During this session, we will review common pass-through items and some tricky ones such as the sale of an asset that was expensed under §179, UBTI, and depletion. In addition, we will discuss what to do with a Schedule K-1 issued to an IRA. 

Objectives
Upon completion of this session, you will be able to:

  • Summarize reporting requirements for a shareholder or partner 

  • Explain how to report the sale of an asset expensed under §179 

  • Report items from a Schedule K-1 on a Form 1040 

CPE information
Duration: 100 minutes
Course level: Basic
Prerequisite: None
Advanced preparation: None
Delivery method: Group Live

Jeremy Kniffen.jpeg

Owner of Tax & Accounting Solutions

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