Schedule K-1 Form PTE 2025

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What Is Schedule K-1? Schedule K-1 is a federal tax document used to report the income, losses, and dividends for a business or financial entitys partners or an S corporations shareholders. The K-1 form is also used to report income distributions from trusts and estates to beneficiaries.
Calculating KY Limited Liability Entity Tax (LLET) Kentucky imposes a tax on every business that is protected from liability by the laws of the state. This includes corporations, LLCs, S-Corporations, limited partnerships, and other types of businesses.
Pass-through entities that filed an election to pay the Business Alternative Income Tax must file Form PTE-100 and pay the tax due. They must also provide Schedule PTE-K-1 to each member reporting the amount of the members share of distributive proceeds and Business Alternative Income Tax.
The new Form PTET-CR is used to report the tax paid, based on each partners, members, or shareholders distributive share income, to each partner, member, or shareholder and to. the Department.
Who Must FileThe owners of a pass-through entity are liable for tax on their share of the Pass-through entity income, whether or not distributed, and must include their share on the applicable Kentucky tax return.
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OVERVIEW. Schedule K-1 is used to report the amount of income each party is responsible for in a pass-through entity, like an S corporation or partnership. Each shareholder or partner will receive a Schedule K-1.
A single member LLC whose single member is an individual, estate, trust, or general partnership must file a Kentucky Single Member LLC Individually Owned Income and LLET Return (Form 725) or a Kentucky Single Member LLC Individually Owned LLET Return (Form 725-EZ) to report and pay any LLET that is due.

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