Review of Partnership Income Form 1065 with Schedule K1

Tax Return ReviewPartnership Income Form 1065 with K1

Tax Return Series December 2018

Genworth Mortgage Insurance Corporation

?2018 Genworth Financial, Inc. All rights reserved.

Objective

Understand the meaning of "Self Employed" Learn to use Fannie Mae's Form 1084 to calculate supportable income using tax returns.

Complete Fannie Mae's Cash Flow Analysis Form 1084 ? 1065 K1 Review (Section 7) ? 1065 Review (Section 8) ? Solvency/Liquidity Test

Partnership Form 1065 with K1

Tax Forms-

Partnership Form 1065 with K1

You'll Need Calculators-

Partnership Form 1065 with K1

Fannie Mae's 1084

Partnership Form 1065 with K1

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The Case Study...

The Case Study Amy Artist

Amy is a 66.6700000% member of an LLC.

Her reported taxable Income is a small amount of interest and a K1 from Street Art Design Company LLC

Partnership Form 1065 with K1

1065 Partnership

Line 22 Ordinary Income $_________

Schedule E page 2 Part II

Partnership Form 1065 with K1

K1 %

Line 1 Ordinary Income $_________

Net Income $_______

1040

Line 17 Net Income Sch.E

*$_________ *Taxed at a personal rate

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Form 1065 / Partnership Return

Five pages long. First page follows the typical tax form pattern:

? Income listed, deductions taken, taxable income/loss derived.

Second, third- fifth pages are Schedules.

? Every partnership completes the schedules, so they are part of the form.

Partnership Form 1065 with K1

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