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IRS Form 1065: You’ll Want to Share This with a Partner

IRS Form 1065 Return of Partnership Income

Are you a member of a business partnership? If so, this PDFfiller post on IRS form 1065 Return of Partnership Income is one you’re going to want to share!

What is the purpose of IRS Form 1065?

The purpose of IRS Form 1065 is to report various taxable events relating to the partnership, such as reporting income earned, capital gains, losses and deductions.

Who needs to file Form 1065?

IRS Form 1065 is an information return that is completed by certain partnerships. Generally, domestic partnerships and foreign partnerships that have gross income connected with a trade or business in the U.S., or that have gross income from U.S. sources, must file a Form 1065.

When is the Form 1065 due to the IRS?

Effective for tax years beginning after December 31, 2015, the original filing due date for a calendar year tax return is March 15th. If the partnership has elected to have a tax year other than the required tax year, then the filing due date for Form 1065 is the 15th day of the 3rd month following the close of the tax year for the partnership.

The extended filing due date is September 15th, unless the partnership has elected to have a tax year other than required tax year. In that case, the extended due date would be 6 months after the original filing due date.

How is the Form 1065 Completed?

IRS Form 1065 consists of 5 pages. Following is a brief explanation of each page.

• Page 1 requires the taxpayer to provide general information about the partnership, such as the name of the partnership, address, employer identification number, principal business activity, the date the business started, and total amount of assets.
• Page 2 and 3 are Schedule B (Other Information). The information required on these pages directly relates to the partnership, such as what type of entity the partnership is, whether the partnership is publicly traded, whether or not the partnership had any cancelled debt during the tax year, and numerous other questions. The last section of the Schedule B relates to the Designation of the Tax Matters Partner.
• Page 4, Part of Page 5 are used to report Schedule K (Partners’ Distributive Share Items). The Schedule K consists of 8 sections; income (loss), deductions, self-employment, credits, foreign transactions, alternative minimum tax items, and on page 5, Analysis of net income (loss).
• Page 5 is the Schedule L (The balance sheets per books information), Schedule M-1 (Reconciliation of income (loss) per books, and the Schedule M-2(Analysis of Partners’ Capital Accounts).

For more detailed information on how to complete the Form 1065, check out the following video:

What is the mailing address for Form 1065?

When you have completed Form 1065 and all the associated forms, where you mail it depends on the state that the partnership is located in, and the total amount of assets that the partnership has at the end of the tax year. Refer to page 4 of the IRS written instructions for the various mailing addresses.

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You Can Get More Mileage on Your Donation – Form 1098 C

IRS Form 1098 C for the contribution of motor vehicles, boats, and airplanes

This post from PDFfiller takes an in-depth look at IRS Form 1098 C for those who were generous with their non-cash contributions this past year.

What is the purpose of the Form 1098-C?

Form 1098-C is received by taxpayers who donated a qualified vehicle valued at more than $500 to a qualified charitable organization. The form is used to claim a deduction for the qualifying vehicle that was donated.

Who needs to file the Form 1098 C?

The answer is two-fold. Both the qualified charitable organization and the taxpayer need to file a 1098 C form with the IRS. The charitable organization files Copy A of this form with the IRS, Copy B is issued to the donor, and Copy C is kept for their records. The taxpayer attaches Copy B of this form to tax return of to the Form 8283. The Form 8283 is titled Non-cash Charitable Contributions. This form is used when a non-cash contribution is valued at more than $500.

Is the Form 1098-C accompanied by other forms?

Form 1098 C is either attached to the Form 1040 or the form 8283, Non-cash Charitable Contributions.

When is the Form 1098 C due to the IRS?

For the organization issuing the 1098 C form, the form is due to the IRS by February 28th. The form should be issued to taxpayers (donors), no later than 30 days after the vehicle has been sold by the organization.

How is the Form 1098-C Completed?

Note that Form 1098 C is completed by the qualified charitable organization(donee), not the taxpayer (donor). The donee and donor information is required on the left side of the form. Below is the information required in the various boxes.

Box 1: Date of Contribution.
Box 2a: Odometer reading of donated vehicle
Box 2b: Year of donated vehicle
Box 2c: Make of vehicle donated
Box 2d: Model of the donated vehicle
Box 3: Vehicle Identification Number (VIN).
Box 4a: Donee certification
Box 4b: Date of sale of donated vehicle
Box 4c: Gross Proceeds from sale of donated vehicle
Box 5a: Donee certification
Box 5b: Donee certification
Box 5c: Donee certification
Box 6a: Inquiry about whether goods or services were exchanged for the donated vehicle.
Box 6b: The value of the goods and services exchanged
Box 6c: Description of goods and services that were exchanged
Box 7: A check the box indication of whether the taxpayer may not claim a deduction for more than $500.

For more detailed information on how to complete Form 1098-C, refer to the IRS written instructions.

What is the mailing address for the Form 1098-C?

Form 1098-C is an information return. The mailing address for the form depends on which state the charitable organization is located in. Refer to the IRS publication titled Certain Information Returns for more detailed information relating to the mailing addresses.

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1098 T: How to Get Another Return on All That Tuition!

Using a Tuition Statement IRS Form 1098 T to Claim Tax Deductions

Continuing with PDFfiller‘s review of tax forms, this post reviews IRS Form 1098 T for all those students paying tuition, or parents that are still claiming students on their tax returns.

Who needs to file the Form 1098 T?

Eligible educational institutions must file this form with the IRS for each enrolled student for whom a reportable transaction is made. Taxpayers who paid tuition and qualified related expenses should receive a copy of the Form 1098-T (Copy B) from the educational institution. Information from the Form 1098-T is reported on the student’s tax return, or the tax return of the person who paid the tuition and other qualified related expenses.

What is the purpose of the Form 1098-T?

The purpose of the Form 1098 T is for an eligible educational institution to report tuition payments and other qualified related expenses for enrolled students, to the IRS. As it relates to the taxpayer, the purpose of the form is to allow the student, or the person who paid the tuition and other qualified related expenses, to claim a deduction for those payments on his or her tax return.

Is the Form 1098 T accompanied by other forms?

If students have received a student loan, the Form 1098-T should be accompanied by the Form 1098-E, which is used to report student loan interest paid. In some cases, students may also qualify for educations credits, such as the American Opportunity Credit or the Lifetime Learning Credit. If this is the case, the Form 8863 is also completed and attached to the tax return (Form 1040).

When is the Form 1098-T due to the IRS?

The Form 1098 T must be filed by the institution for each student who is enrolled, typically 30 days after the first day of the academic period, or either one of the other two methods mentioned under Academic Period, located on page 3, of the instructions.

For the taxpayer, information from the Form 1098-T is reported on his or her tax return,e. Copy A of the form is issued to the IRS, Copy B is issued to the student, and Copy C is the copy for the institution.

How is the Form 1098-T Completed?

A5: The left side of the Form 1098 T is where information relating to the filer (educational institution), and the student is shown. Following is the information that goes into each of the boxes on the form.

Box 1: Payments received for qualified tuition and related expenses from the student.
Box 2: Amounts that the institution billed the student for relating to qualified tuition and related expenses.
Box 3: Relates to the institution’s reporting method.
Box 4: Adjustments made for a prior year by the institution.
Box 5: Amount of scholarships and grants received by the student.
Box 6: Adjustments to scholarships or grants for a prior year.
Box 7: Check the box regarding amounts for an academic period for a future year.
Box 8: Check the box if at least half-time student.
Box 9: Check the box if graduate student.
Box 10: Insurance contract reimbursement/refund.

For more detailed information on how to complete the Form 1098-T, check out the following video:

What is the mailing address for the Form 1098-T?

The Form 1098-T is an information return. The mailing address for the form depends on which state the educational institution is located in. Refer to the IRS publication titled Certain Information Returns for more detailed information relating to the mailing addresses.

 

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Here’s How to Master Your Mortgage with the 1098 Form

The 1098 Form for reporting interest on mortgages

Taking a brief detour in PDFfiller‘s tax review, this post focuses on the IRS 1098 Form, or the Mortgage Interest Statement. This one is an important one for those looking to receive tax credits for interest paid on a mortgage throughout the year.

What is IRS Form 1098?

The 1098 Form is the Mortgage Interest Statement. This form is an IRS information return that is prepared by mortgage lenders and is issued to mortgage borrowers.  The form is required to be mailed to borrowers no later than January 31st, however, not all lenders adhere to this requirement. The form reports various information relating to the lender, the borrower and the mortgage. Typically, if property taxes are paid through escrow, property taxes paid during the year will also be reflected on the Form 1098.

Who must file IRS Form 1098?

File the 1098 Form  if you are engaged in a trade or business and, in the course of such trade or business, you receive from an individual $600 or more of mortgage interest on any one mortgage during the calendar year. You are not required to file this form if the interest is not received in the course of your trade or business. For example, you hold the mortgage on your former personal residence. The buyer makes mortgage payments to you. In this case, you are not required to file Form 1098.

What information do you need in order to complete IRS Form 1098?

Completing the Form 1098 is simple. The left side of the form reflects information relating to the lender and the borrower. The right side of the form (boxes 1-6) reflect information relating to the mortgage interest received from the borrower (Box 1), outstanding mortgage principal as of January 1st (Box 2), mortgage origination date (Box 3), refund of overpaid interest (Box 4), mortgage insurance premiums (Box 5), and points paid on purchase of principal residence (Box 6). Boxes 7-9 relate to the property and the address that is securing the mortgage.

For more information on filling out Form 1098, check out the following video:

What other forms are needed when you file IRS 1098 form?

There are three copies to the Form 1098, copies A, B, and C. Copy A of the form is submitted to the IRS. Copy B of the form is issued to the payer/borrower, and copy C of the form is for the lender’s records. The Form 1098 has to be accompanied by a Form 1096, which is a transmittal form.

Where do you file IRS 1120- Schedule D?

The mailing address for the Form 1098 and Form 1096 depends on the physical location of the business that is issuing the form. Refer to page 6 of the IRS webpage (General Instructions for Certain Information Returns) for more information regarding the mailing addresses.

When is IRS Form 1098 due?

The deadline is coming right up! If the 1098 Form is filed by mail, the IRS needs to receive it no later than February 28th.  So get started filling yours with PDFfiller today!

 

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Claim Your Homeowner’s Tax Benefits with the 1120 H

Do you belong to a Homeowner’s Association? If so, make yourself familiar with Form 1120 H!

In the last of the 1120 posts, PDFfiller takes a closer look at the 1120 H used for tax reporting by homeowner associations.

What is form IRS 1120-H? 

Form IRS 1120 H is a U.S. income tax return for the homeowners association. The homeowner association files the form to enjoy certain tax benefits. It allows the homeowner association to exempt the function income from its gross income.

Who must file IRS 1120 H form? 
There are three types of homeowners associations; a condominium management association, a timeshare association, or a residential real estate management association.  The homeowner association has to file this form to have advantage provided in section 528. A homeowners association should compare its total tax computed on Form 1120-H with its total tax computed on Form 1120. The association may file the form that results in the lowest tax.

What other forms are needed when you file IRS 1120-H form?
Attach Form 4136, Credit for Federal Tax Paid on Fuels, along with your 1120 H form.

When is IRS 1120-H due?
The association has to file the 1120 H form by the 15th day of 3rd month after the end of its tax year. If it’s a Saturday or Sunday or a legal holiday than it can be filed on the next business day.

What information do you need in order to complete this form?
In form 1120H, you need to provide an associations name, address and EIN. Notify about the type of association by checking the suitable box. Give details of gross income, deduction and tax and payments.

For more information about filling Form 1120 H, check out the following video:

Where do you file IRS 1120-H?
Form 1120 H has to be filed with an IRS Service Center depending on the state in which you reside. For more information on where to file, check out the IRS instruction form here.