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previous page Previous Page: Publication 17 - Your Federal Income Tax - Life Insurance Proceeds
next page Next Page: Publication 17 - Your Federal Income Tax - S Corporation Income
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taxmap/pub17/p17-066.htm#en_us_publink100033043

Partnership Income(p86)


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previous topic occurrence Partnership Income next topic occurrence

A partnership generally is not a taxable entity. The income, gains, losses, deductions, and credits of a partnership are passed through to the partners based on each partner's distributive share of these items. For more information, see Publication 541.
taxmap/pub17/p17-066.htm#en_us_publink100033044

Schedule K-1 (Form 1065).(p86)


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Schedule K-1 (Form 1065).

Although a partnership generally pays no tax, it must file an information return on Form 1065, U.S. Return of Partnership Income, and send Schedule K-1 (Form 1065) to each partner. In addition, the partnership will send each partner a copy of the Partner's Instructions for Schedule K-1 (Form 1065) to help each partner report his or her share of the partnership's income, deductions, credits, and tax preference items.
Where Refund
Keep Schedule K-1 (Form 1065) for your records. Do not attach it to your Form 1040.
For more information on partnerships, see Publication 541, Partnerships.
taxmap/pub17/p17-066.htm#en_us_publink100033046

Qualified joint venture.(p86)


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Qualified joint venture.

If you and your spouse each materially participate as the only members of a jointly owned and operated business, and you file a joint return for the tax year, you can make a joint election to be treated as a qualified joint venture instead of a partnership. To make this election, you must divide all items of income, gain, loss, deduction, and credit attributable to the business between you and your spouse in accordance with your respective interests in the venture. Each of you must file a separate Schedule C or Schedule C-EZ (Form 1040).
previous pagePrevious Page: Publication 17 - Your Federal Income Tax - Life Insurance Proceeds
next pageNext Page: Publication 17 - Your Federal Income Tax - S Corporation Income
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication