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

Schedule K-1 is the only tax return information that is required to be included in a partnership or S corporation's federal return and any state or county tax return. This form is due April 15, but the IRS office where the return is filed may consider any tax return that is filed by a taxpayer with respect to any of its partners or shareholders that is required to file a federal tax return. Schedule K-1 is not needed to comply with the Texas Franchise and Business License Agreement or the Texas Franchise Tax Certificate of Taxation. However, you must use a Schedule K-1, Form U-2, or Schedule K-1A to report business income if you have any Texas resident shareholders. Any information provided for Texas residents must also be included on your business tax return. Taxable Partnership Income and Dividends For details about taxable partnerships, go to: Taxable Partnership and S Corporation Income A partnership or S corporation must have a partnership or S corporation tax return for each taxable year. The return must show which partners are taxable members and their respective adjusted gross incomes. When filing a partnership or S corporation tax return, we accept Form K-1, Statement of Partnerships and S Corporations, for partners not paying income or capital gain taxes. The partnership or S corporation must have a Schedule K-1 for each taxable year, which shows partnership and S corporation adjusted gross incomes of each partner, taxable income of partners, any interest or dividends paid to partners, and amounts that were received from partners. If you pay your partner a taxable interest, the adjusted gross income of the partner, as shown on the partnership return, and, if applicable, the partner's estimated tax basis in a partnership item that is being sold or otherwise disposed of must be included in the partner's partnership return if you also file a Texas tax return. A partnership return includes interest and dividend income. You must include in the Texas return any income, deductions, and credits paid to partners in excess of a partnership limitation. If there is a tax liability on a partnership return from the period ending with the date received by the partnership in which your partner paid over the amount of the partnership basis in an item for which the basis is not zero, you must include that amount as income on your Texas return. It depends on the nature of the partnership return and the amount the partnership is taking home.

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