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Where do I enter the K-1s in the Form 990-T? Is there a K-1 input or a substitute for the 990-T - Where do I enter the K-1s in the Form 990-T?

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📊 Step-by-Step Guide

Step 1: Confirm whether there is a K-1 input for Form 990-T

Use this when you need to know if SureFire has a K-1 entry field for the 990-T.

Our SureFire analyst noted that there is no K-1 input for the form 990-T.

Step 2: Use the IRS instructions to find where amounts should be entered

Use this when you need the official IRS location for reporting the distributive share.

Please see additional information from the IRS website, indicating where the amount should be entered on the 990-T.

IRS 990-T instructions:

https://www.irs.gov/pub/irs-pdf/i990t.pdf

Step 3: Enter the partnership/S-corporation distributive share on the correct line

Use this when you are reporting income or loss from a partnership or an S corporation.

In 990-T, Schedule A, Part 1 Line 5:

Income or (Loss) From a Partnership or an S Corporation:

Refer to Notice 2018-67, 2018-36 I.R.B. 409 when reporting the organization's distributive share of partnership income (and partnership deductions directly connected with such income) from trades or businesses of a partnership that are unrelated trades or businesses with respect to the organization. Refer to Notice 2018-67, 2018-36 I.R.B. 409 for rules permitting the aggregation of income (and directly connected deductions) of certain partnership interests.

Step 4: Apply the correct limitation rules (trusts and certain corporations)

Use this when the organization is a trust or certain corporations.

For trusts and certain corporations:

Limitations on income and losses (including from a partnership or an S corporation) under section 469 (the passive activity loss and credit limitation rules) and section 465 (at-risk limitations). For more information on these rules, see the discussion of the application of the passive loss and at-risk limitations to affected tax-exempt organizations in the introductory instructions to Part I. Unrelated Trade or Business Income, earlier.

Step 5: If the organization is a partner, report the organization’s share

Use this when the organization is a partner in a partnership conducting an unrelated trade or business.

Partnerships:

If the organization is a partner in a partnership conducting an unrelated trade or business, enter the organization's share (whether or not distributed) of the partnership's income or loss from the unrelated trade or business. The organization is required to notify the partnership of its tax-exempt status.

Figure the gross income and deductions of the partnership in the same way you figure unrelated trade or business income the organization earns directly.

Attach a statement to this return showing the organization's share of the partnership's gross income from the unrelated trade or business, and its share of the partnership deductions directly connected with the unrelated gross income. Also, see Attachments, earlier for other information you must include.

Tags: federal,form