This information is not tax advise. This page includes information on entering income to be reported on Schedule E, Part II Partnership and S-Corporations. Any specific tax information is given as a reference to using the program. See IRS Schedule E Instructions for more information. There is no limit to the amount of listings a tax return being eFiled can have (in reference to Partnership and/or S-Corporation Income). IMPORTANT: Be certain that you understand "active participation" and gains and
losses pertaining to "passive activities". If you are NOT at risk with any of these items, or you will be treating the items differently than stated on Schedule K-1(s) and you are required file Form 8082, you can not use this system. Adding Partnership and S-Corporation Listing Page: Both the "Partnership and S-Corporation Listing Page" and the "Schedule E" are listed in the Income Forms. Choose the applicable option to meet your needs. Do these items belong to a Partnership or S-Corporation: Select the Entity Type (Partnership or S-Corporation) and enter the Federal Identification Number (FIN) from the Schedule K-1 (Form 1065).
Name of Partnership or S-Corporation: Enter the name of the Partnership or S-Corporation.Do not
combine income from more than one Partnership or S-Corporation. Create a separate listing for each individually. It is the users responsibility to complete Form 6521 to include income from Partnerships and S-Corporations (when applicable). Per the IRS Schedule E Instructions: You must take into account your share of preferences and adjustments from these entities for the Alternative Minimum Tax on Form 6251. Check the Boxes That Apply:
Passive Income Passive Activity Loss Rules
Passive Income or Loss: Enter the gross amount before adjustment for Passive Activity Income or Losses and provide any prior year unallowed loss. (Ensure the applicable field is used when making your entries): - Passive Income Amount. - Passive Loss Amount (enter as a positive number). - Prior Year Unallowed Passive Activity Loss: Check the box if the property was sold or disposed of in the tax year. - Gain Due to Disposition: - Loss Due to Disposition: Non-Passive Income: Non-Passive Income or Loss:
Self-Employment Earnings or Loss: Income from a Farming or Fishing Partnership: Check the box if this income is from a Farming or Fishing Partnership. Income or Loss subject to Self-Employment Tax: The amounts entered will be calculated into the total amount of Earned Income on the return, and also added to Schedule SE. Enter loss amounts as a positive number.
Enter the Net Profit and Any Other Earned Income From this Business: Include Net Earnings and Gains from the Sale, Transfer, or Licensing of Property you created. Do Not Include the following:
Amount located within Schedule K-1 (Form 1065). The system does not calculate the "Deduction Worksheet for Self-Employed" in IRS Publication 560. Verifying Maximum Contribution Amounts is the users responsibility. |