As part of the ongoing series on Partnerships, this video delves into the various types of income partners can receive from partnerships, and the potential tax implications of each type of income. It also covers the potential tax implications of separately stated items that are not part of the ordinary business income of the partnership.
0:00 Introduction
0:49 Ordinary Partnership Income
2:12 Guaranteed Payments
4:15 Separately Stated Items
6:05 Conclusion
To see the original video overview of partnerships, click here: • Partnership Basics
To learn all about the various types of Schedule K-1, click here: • K-1's (for Beginners!)
Marginal Tax Rates ("Tax Brackets") are explained in this video: • The Truth About Tax Br...
Curious about Self-Employment Tax? Click here: • What is Self-Employmen...
Taxation of dividends is covered in this video: • Dividends, Ordinary an...
The Section 179 Deduction is explained here: • Depreciation 101: Is t...
and Charitable Contribution Deductions, here: • Deducting Charitable C...
Additional Resources and Information:
IRS Schedule K-1 (Form 1065): "Partner's Share of Income, Deductions, and Credits": www.irs.gov/pub/irs-pdf/f1065...
Instructions for IRS Schedule K-1 (Form 1065): www.irs.gov/pub/irs-pdf/i1065...
IRS Form 1065: "Return of Partnership Income": www.irs.gov/pub/irs-pdf/f1065...
IRS Form 3800: "General Business Credits": www.irs.gov/pub/irs-pdf/f3800...
The Tax Geek on The Site Formerly Known as Twitter: www.twitter.com@taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image/Video Sources:
Storyblocks.com
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Intro Music: "Bluesy Vibes" - Doug Maxwell - KZfaq Creator Music
Outro Music: "Modern Attempt" - Track Tribe under license from KZfaq Creator Music
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.