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Video instructions and help with filling out and completing how to read a k1 1065
Lenders 20 questions on pastors and K ones video number 12 what is the difference between an 1120 sk1 and at 10 65 k 1 well first context the 1120 sk1 is that pass through form that gets the information from the 1120s to these shareholders who are the owners in the 1065 you've got your general partners or limited partners your LLC owners in some cases and your LLP limited liability partnership owners as well now a lot of the numbers on the k ones page line upon line upon line a lot of those numbers are just used by the preparer of the next return to do something right but some of them are used by you now here are the things that are the same with the 1120 sk1 and the 10 65 k 1 they both have the name of the honor they both have the percentage ownership they both indicate whether it's a final k1 and we cover that more in another video and they both indicate distributions what was distributed out in the form of capital to the owners there's a lot of information on a 10 65 k 1 though that is not on that 1120s the 10 65 k 1 includes the type of arm is it a general partner or limited partner it includes the profit-loss percentage which in a partnership filing entity could be different than the ownership percentage at n 65 k 1 getting down towards the bottom left gives me information on liabilities which I completely ignore I ignore it because it's into the year figures from a tax return a year or two ago so if I care about that I always care about current death and at the far bottom it's called schedule the 1065 k 1 gives me the breakdown and capital beginning capital plus capital contributed plus income or minus losses less distributions to get to ending capital the 1065 also has guarantee payments for the partner or LLC owner which is roughly analogous to wages the k1 from the 1120s doesn't need to have that because those wages are actually on their 10 and 40 and then the 1065 when it comes to the distributions actually tells us how much was cash and how much was property whereas on the 1120 sk1 it simply gives us total distributions and doesn't give us the breakout then there's the 1120s has a one major piece of information that the ten 65k one does not it has a line for repayment of loans from shareholders this is on line 16 with a code of E and it is actually cash flow to the owner now whether you count it or not depends on your guidelines and there's another video in this series that talks more about this piece but it is a piece of information you have for 1120s that on the k one of the 10 65 it just doesn't exist again most of.