REG – Partnerships K-1 Schedule

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This topic contains 3 replies, has 3 voices, and was last updated by  Soproudofmyself 4 years, 6 months ago.

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  • #166511

    Soproudofmyself
    Participant

    Guaranteed payments to a partner from a partnership are shown as income to the partner and flow through as ordinary income on line 5 (schedule k-1)????? that’s Becker’s explanation! I’m looking at the K-1 schedule and “ordinary income” is line 1…..am I missing something or is this an error?

    #324406

    CPAMan
    Participant

    Guaranteed Payments are separately stated on Line 4 of Schedule K-1. It’s not added to Line 1.

    #324407

    CPA628
    Member

    Guaranteed pmts are deductible from partnership income as well as taxed to the partner who receives them.

    #324408

    Soproudofmyself
    Participant

    so both becker and I messed up lol. I was thinking line 1, but it’s clearly stated in line 4. Thanks!

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