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Screen K-3 - Schedule K - Self-Employment, Credits, and Foreign (1065)
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Overview
In addition to the fields in this screen, the application automatically calculates and transfers the following items to the Self-Employment, Credits, and Foreign Transactions sections on Schedule K. Use the K1-3, K1-4, K13468, and K1Frgn Screens to enter information from Schedules K-1 received from other partnerships, estates, or trusts in which the current partnership is a partner or beneficiary.
- Net earnings (loss) from self-employment
- Gross farming income
- Gross nonfarm income
- Low-Income Housing Credit: Section 42(j)(5)
- Low-Income Housing Credit: Other
- Investment Credit
- Work Opportunity Credit
- Credit for Increasing Research Activities
- Orphan Drug Credit
- Disabled Access Credit
- Renewable Electricity, Refined Coal, and Indian Coal Production Credit
- Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips
- New Markets Credit
- Credit for Small Employer Pension Plan Startup Costs
- Credit for Employer-Provided Childcare Facilities and Services
- Credit for Employer Differential Wage Payments
- Credit for Small Employer Health Insurance Premiums
- Employer Credit for Paid Family and Medical Leave
- Foreign transaction information
note
Electronic Filing Note:
See General and input screen-specific topics for electronic returns for data-entry guidelines to prevent electronic filing rejections.Self-Employment
Gross fishing income
Enter the amount of gross fishing income. The application adds this amount and the gross farm income entered in the F Screen to calculate Schedule K, Gross farming or fishing income. Individual partners may need this amount to figure net earnings from self-employment under the farm optional method on Schedule SE (Form 1040), Section B, Part II.
note
- The application allocates the amount entered to all partners based on their profit percentage. Select the Ptr Alloc button to allocate this amount to the appropriate partners.
- By default, the application calculates gross farming or fishing income on Schedules K and K-1 only for partners subject to self-employment. To calculate this amount for all partners, mark theCalculate gross farm and nonfarm income for all partnersfield in this screen.
Calculate gross farm and nonfarm income for all partners
By default, the application calculates gross farming or fishing income and gross nonfarm income on Schedules K and K-1 only for partners subject to self-employment income. Enter
X
in this field to calculate gross farming or fishing income and gross nonfarm income on Schedules K and K-1 for all partners.To calculate gross farming or fishing income and gross nonfarm income on Schedules K and K-1 for all partners for all new clients, mark the
Calculate gross farm and nonfarm income for all partners (Screen K-3)
checkbox in the Return Presentation tab in the New Client Options dialog. To open this dialog, choose Setup and then 1065 Partnership and select the New Client Options button.Credits
In addition to the fields in this section, the following items automatically calculate and transfer to the Credits section on Schedule K. Use the K1-4 and K13468 Screen to enter credits from Schedules K-1 received from other partnerships, estates, or trusts in which the current partnership is a partner or beneficiary.
- Form 3468, Investment Credit (lines 9 and 13 and rehabilitation credit on lines 11e, 11f, and 11g related to rental real estate activities only)
- Form 5884, Work Opportunity Credit
- Form 6765, Credit for Increasing Research Activities
- Form 8586, Low-Income Housing Credit
- Form 8820, Orphan Drug Credit
- Form 8826, Disabled Access Credit
- Form 8835, Renewable Electricity, Refined Coal, and Indian Coal Production Credit
- Form 8844, Empowerment Zone Employment Credit
- Form 8845, Indian Employment Credit
- Form 8846, Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips
- Form 8864, Biodiesel and Renewable Diesel Fuels Credit
- Form 8874, New Markets Credit
- Form 8881, Credit for Small Employer Pension Plan Startup Costs
- Form 8882, Credit for Employer-Provided Childcare Facilities and Services
- Form 8932, Credit for Employer Differential Wage Payments
- Form 8941, Credit for Small Employer Health Insurance Premiums
- Form 8994, Employer Credit for Paid Family and Medical Leave
- The Cr Screen, Other credits not entered elsewhere
Foreign Transactions
Gross income from all sources not including amount from passthrough K-1's
Enter the partnership level gross income for Schedule K, Gross income from all sources. Enter all other foreign transaction information in the KFrgn Screen. Use the K1-4 and K1Frgn Screens to enter information from Schedules K-1 received from other partnerships, estates, or trusts.