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Form 1065 - Schedule D-1 MS: What You Should Know

This video shows you how, step-by-step. Please note that the information you are about to see in this video is for the 2024 tax year. If you're filing an amended 2024 or 2024 tax return, you should see these instructions and information for 2024 and 2024 instead. To simplify the filing process, the Internal Revenue Service recently released new online procedures and the 2 taxpayer guide, which are designed to make filing the federal tax return simple even for individuals filing their returns on computers. With the federal rules requiring only a single page for the 2024 tax return, the IRS and tax preparers have revised and refined their formatting from previous years to make filing tax returns more efficient and user-friendly. But even with these changes, some taxpayers may have to make adjustments to their 2024 federal tax return. With a single page for the 2024 tax return, if you have a trust or similar entity that holds multiple assets such as a pension, annuity, annuity contract, an individual retirement account (IRA), or other IRA contribute the assets, you must identify those assets with box number 4, “Contribute to Retirement” Schedule D, or other designated accounts. If you have a partnership, or limited liability company (LLC) that owns both stocks and bonds, you must identify these investments with box number 4, as well.  This is to ensure that only such income from the partnership's investments on which the partnership is taxed will be taken into account when calculating net profit.  If you have a stock investment that is not in a partnership, such as an individual holding an individual stock investment, which is held in a corporation, you must designate the corporation. A company you are a partner of must identify its shares with box 4, “Contribute to Retirement”. You should have a plan in place to identify your partner's investment in the company, but to make things easier, the plan will usually be designated under one of the other boxes to identify all the company's stock investments. In most instances, it will be more convenient to include all the company's stock investing activities under one box rather than making more specific disclosures in each box.

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