Form 1065 (Schedule K-1) for Georgia 2024-2025

Form 1065 (Schedule K-1) for Georgia: What You Should Know

Use this screen to enter pass-through income or items related to pass-through income used to calculate the GA Partner's share of distributions on Form 1065. Use this screen only when conducting GA Partner income tax reporting or when preparing Schedule K-1 Schedule K-1. Please be aware that this screen is only used to assist the taxpayer in completing, filing, or returning Form 700, the Georgia Partnership Source Income Worksheet, the GA Partner's Share of Additions, and the GA Partner's Share of Dispositions. GA Partners do not use this screen to complete Form 1065. If the taxpayer has no pass-through income, you must enter the following entries to get a complete schedule. Enter income and taxable gross wages on Schedule K-1. Enter pass-through income on Schedule K-1: Income from a trade or business carried on by the taxpayer (Line 1) Enter pass-through income on Schedule M-3 (Line 1) and Schedule M-4 (Line 2). Line 18 is the GA Partner's share of additions. Enter it on line 18 of Schedule M-3. You may substitute the pass-through income line of a Schedule K-1 for line 4 of the Schedule M-3. To get a complete schedule without line 18, enter the income tax rate. The taxable gross wage line includes net wages. It is used when working out the percentage of wages paid to the individual partners. However, you should not include line 1 (line 6) of Schedule K-1. Line 18 is the GA Partner's share of dispositions. This is the same as line 10(A), shown on Schedule M-3. Line 18 is used in determining the GA Partner's share of additions and dispositions on Schedule K-1. Line 18 is used to determine the amount the partnership pays for general business expense and interest. It doesn't include amounts paid to the partner for services or capital expenditures. Line 18 may be substituted for the partnership loss carryover line on Schedule K-1. You must get this information for each partnership year by January 4. The partnership income tax return is due in 2017, so you must have this information by January 4. You can get this information on line 18 of Schedule K-1 if the taxpayer is a partnership. You can get this information on line 18 of Schedule M-3 if the taxpayer is an individual.

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