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

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

If an interest dividend is reported with the transfer payment (line 26), a beneficiary must be listed in the appropriate line on Schedule K-1. If the beneficiary is listed on a Schedule K-1 but in the wrong line on Schedule K-1, the payment from the partnership to the beneficiary should be entered as a separate schedule and reported in one line on the payment statement, Line 27. A person who is the designated beneficiary of a partnership may be the sole beneficiary if the transferor has no other persons listed on Schedule K-1 and the designated beneficiary has no other beneficiaries. A partner may be the designated beneficiary of a partnership in which both the partnership and the designated beneficiary receive the same type of income. In such a case, the partner is the designated beneficiary unless: the partnership was a taxable electing partnership for all prior taxable years in which the partnership maintained an interest in the partnership, or an income statement or other documentation establishes the partnership was in the active conduct of a trade, business or profession throughout the earlier taxable year; A corporation that is a member of a partnership or qualified electing small business in which: the other partners received or held a specified percentage (or more) of the partnership's gross income from, or other specified amount (or more) of business or investment; the partners received or held interest in the partnership from another corporation, a trust, or from the other partners; and the remaining partners made contributions to the partnership equal to 30% or more of the partnership's gross income (as established by the partners); or A person who is a cohabiting spouse of a partner is the spouse beneficiary, regardless of whether the partnership's other partners (other than the designated beneficiary) are in a relationship with the cohabiting spouse. A person's marital status is used in preparing Form 1065 to determine the partner who will receive the payment. A person with a personal injury claim, including an injury claim resulting from an accident, is the cohabiting spouse of a partner who has a personal injury claim, including an injury claim resulting from an accident, and for which this partner is filing a claim with or under the Income Tax Assessment Act (see the Tax Court's opinion, In Re: Claim of Marital and Dependent Status, 553 F. Supp. 1271 (1988)). A person with certain other disability benefits and/or a dependent child of one of the partners may be listed on the Schedule K-1 for this partner.

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