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Calculating partner/shareholder basis for Form 1065 and 1120 S K1s

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📊 Step-by-Step Guide

Step 1: Open the K-1 Attachment

Use this when you need to locate the basis worksheet.

Go to the K-1 Attachment (K-1 ATT 3) (this form is in both packages), page 3, under line 23h of the form.

Step 2: Use the worksheet to calculate basis

Use this when you need to compute the partner/shareholder basis.

There is a worksheet here to calculate the basis. You will need to answer the question:

• “Compute partner's interest?” (1065)
• “Compute shareholder's basis?” (1120 S)

Then complete any lines on the worksheet that are not calculated.

Step 3: Review the worksheet results

Use this when you want to confirm the basis has been computed.

The worksheet will then compute the basis.

Tags: federal,form