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2002 Schedule K-1 ( Form 1065)

2002 Schedule K-1 ( Form 1065)-2025

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The document is a Schedule K-1 (Form 1065) issued by the Internal Revenue Service, detailing a partner's share of income, credits, deductions, and other financial information related to a partnership for the tax year 2002. It includes sections for reporting various types of income, liabilities, capital accounts, and foreign income details.

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Why would an LLC file a 1065?

If the LLC is a partnership, normal partnership tax rules will apply to the LLC and it should file a Form 1065, U.S. Return of Partnership Income. Each owner should show their pro-rata share of partnership income, credits and deductions on Schedule K-1 (1065), Partners Share of Income, Deductions, Credits, etc PDF.

Is partnership K1 subject to self-employment tax?

If you were a general or limited partner in a partnership, include on line 1a or line 2, whichever applies, the amount of net earnings from self-employment from Schedule K-1 (Form 1065), box 14, code A. General partners should reduce this amount by certain expenses before entering it on Schedule SE.

Do you pay self-employment tax on single member LLC?

An individual owner of a single-member LLC that operates a trade or business is subject to the tax on net earnings from self employment in the same manner as a sole proprietorship.

How does a K1 affect my personal taxes?

In general, a K-1 can affect personal taxes in two ways: either by increasing a partners tax liability or by providing them with a tax deduction. It will likely increase their total tax liability for the year if the K-1 is associated with an income.

How to avoid LLC partnership self-employment tax?

File as an S corporation LLCs have the option of filing as an S corp., the main benefit of which is it provides a mechanism for reducing self-employment taxes. Under an S corp structure, the owner of an LLC can be considered an employee and receive a salary.

Is S Corp K1 income subject to self-employment tax?

Use these instructions to help you report the items shown on Schedule K-1 on your tax return. Your share of S corporation income isnt self-employment income and it isnt subject to self-employment tax.

What is schedule K-1 form 1065 for?

Schedule K-1 (Form 1065), Partners Share of Income, Deductions, Credits, etc. The partnership files a copy of Schedule K-1 (Form 1065) with the IRS to report your share of the partnerships income, deductions, credits, etc.

2002 Schedule K-1 ( Form 1065)-2025

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