Differences between Schedule K and Schedule K-1

  • Creator
    Topic
  • #201431
    OnToTheNextOne
    Participant

    Are there any actual differences or is the Schedule K-1 just the more proper name for Schedule Ks?

    BEC - 85

    REG - 86

    AUD - 80

    FAR - 80

Viewing 4 replies - 1 through 4 (of 4 total)
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    Replies
  • #772830
    Credit Revenue
    Participant

    K is partnership income.

    K-1 is your own share.

    For partnerships for example

    A - 79 expires 4/30/16 need a pass on REG
    B - 78
    F - 80
    R - 83!!! Can live again!

    #772831
    monikernc
    Participant

    sched k is on the 1065 partnership return and the 1120s for s-corps
    and reports at the partnership or s-corp level. the k-1's are derived from that info and created for each partner or shareholder.

    if you are studying for REG use that thread to post questions. you can google for IRS forms and review them as you study to answer questions like these.

    AUD - 93
    BEC - 82
    FAR - 76
    REG - 88
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    FAR 7/25/15 76!
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    #772832
    confusedcandidate
    Participant

    All of the items on Schedule K go on the owners' K-1. (Conversely of course, the sum of all items on form K-1 are equal to their counterpart on Schedule K.)

    Weekends are meaningless to a CPA candidate

    #772833
    OnToTheNextOne
    Participant

    That helps a lot thank you

    BEC - 85

    REG - 86

    AUD - 80

    FAR - 80

Viewing 4 replies - 1 through 4 (of 4 total)
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