Income from Partnerships

As part of the ongoing series on Partnerships, this video delves into the various types of income partners can receive from partnerships, and the potential tax implications of each type of income. It also covers the potential tax implications of separately stated items that are not part of the ordinary business income of the partnership.

0:00 Introduction
0:49 Ordinary Partnership Income
2:12 Guaranteed Payments
4:15 Separately Stated Items
6:05 Conclusion

To see the original video overview of partnerships, click here: https://youtu.be/K1aaWN0MmPY

To learn all about the various types of Schedule K-1, click here: https://youtu.be/24rz3cLUoO4

Marginal Tax Rates ("Tax Brackets") are explained in this video: https://youtu.be/ZnzEA3LPEuc

Curious about Self-Employment Tax? Click here: https://youtu.be/JQwyHiYR9vs

Taxation of dividends is covered in this video: https://youtu.be/l4SNSWqZbmw

The Section 179 Deduction is explained here: https://youtu.be/Wnb4L2UhClA

and Charitable Contribution Deductions, here: https://youtu.be/Ch1K3tcy9jA

Additional Resources and Information:

IRS Schedule K-1 (Form 1065): "Partner's Share of Income, Deductions, and Credits": https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf

Instructions for IRS Schedule K-1 (Form 1065): https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf

IRS Form 1065: "Return of Partnership Income": https://www.irs.gov/pub/irs-pdf/f1065.pdf

IRS Form 3800: "General Business Credits": https://www.irs.gov/pub/irs-pdf/f3800.pdf

The Tax Geek on The Site Formerly Known as Twitter: www.twitter.com@taxgeekusa

The Tax Geek on Reddit: www.reddit.com/r/askataxgeek

Image/Video Sources:

Storyblocks.com

The images of "Adam" and "Beverly" were generated by thispersondoesnotexist.com (stability.ai). Any resemblance between these images and any persons, living or dead, is incidental and not intended. *No other artificial intelligence was used to research, write, animate, voice, or edit this video*

Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Creator Music

Outro Music: "Modern Attempt" - Track Tribe under license from YouTube Creator Music

DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.

Тэги:

#Federal_Income_Taxes #Partnerships #Partnership_Income #Guaranteed_Payments #Self-Employment_Tax #Separately_Stated_Irems #General_Business_Tax_Credits

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