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Form 1065 - Schedule D-1 for Santa Clara California: What You Should Know

Schedule K-1. • If you elect under IRC 6203 to deduct only half of your R&D tax credit, you must make or change your election under IRC 6203. • Schedule K-2. • If you elect under IRC 6203 to deduct only one-half of your tax credit, you must make or change your election under IRC 6203. For detailed instructions on the election procedures under IRC 6203, see IRC 6203. Note: If you claim the business use deduction and use another tax code (e.g., LRS) for the income tax, it is important that you include Schedule K-1. Do not add Schedule K-1 to your Federal Taxes Return. • If you used the personal use code under IRC 6212 to claim business expenses, you must add your personal use deduction code to the other two codes (6213 and 6210), if applicable. • If you used another code to deduct your business deductions (see IRC 6212(b)), attach to Schedule K-1 the appropriate code to be claimed. For example, if you are claiming the deduction for meals, you must complete Schedule K-1 for meals. Do not attach Schedule K-1 if you are claiming a deduction for supplies, equipment, and office supplies. Do not make any further amendments to this schedule after you make or change your election under IRC 6203. 2021 Instructions for Schedule D (Form 1065) — IRS Form 1065 with Schedules K-1 and K-2 for state return purposes • The following adjustments may need to be made on Schedule K-1 or Schedule K-2 to make the tax and federal credits correct: • If you filed a Joint Return, you must adjust your state income tax return to reflect the change in state returns and schedules, including filing schedules K-1 and K-2. See the Instructions for Schedule K-1 for additional information. • For state withholding, you may have to adjust your withholding rate on Schedule K-1. See the Instructions to Schedule K-1 for additional information. • If you are filing one federal return, you must adjust the refund amounts on Schedule K-1 to reflect the change in tax and federal credits. • If you are filing two or more federal returns, include the refund amounts on Schedule K-1.

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