Form 1065 (Schedule K-1) UT 2024-2025

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

Utah Partnerships, Estates, or Trusts. Enter on TC-65 Schedule K-1, Activity Worksheets, enter “Loss/Gross” and in “Other Income” enter “Pass Through.” Enter “Net Profit” from line 33 of Schedule K-1, line 1 of Income Tax Worksheet. Total tax to be paid by this partnership: total on column I on Schedule K-1, line 19. Enter on Form 1065, Schedule K-1, Activity Worksheets, enter “Other” and click the “Next” button. Enter on Schedule K-1, Schedule K-1 Activity Worksheet, enter “Other” at the appropriate place and then on Schedule K, section B, column 3 of Activity Worksheet Enter on Schedule K-1, section C, column 3, “Other Gross Income” and enter on column I on Schedule K-1, line 19 total taxable income. This includes all income paid by this partnership (other than amounts shown below). Inherited earnings, capital gains, estate tax on non-pass through amounts and non-pass-through deductions: enter the income you would report on line 21 of Schedule K, line 20 from lines 20 and 21 of the 1033. In the second section, enter the amount not reported under Section A in column 2. In the third section, enter the amount of deductions that should not be reported under Line 21 of Schedule K, line 20 (if applicable). Enter the amount of non-deductible investment tax deductions entered on line 8 of Schedule K-1, line 11 of Schedule K-1, Activity Worksheet. Enter the amount of non-deductible business expense entered on line 14 of Schedule K-1, line 12 of Schedule K-1, Activity Worksheet. Include this income in income on line 4 of Schedule K-1, Activity Worksheet. Also include this income in income on line 3 of Schedule K, Activity Worksheet. Other Items of Interest: Under Section D of Schedule K-1, enter on line 2 itemize the deduction. Section D of Schedule K-1, Section A — Deduction Limits — Add to Column 1 the applicable limit on deductions, if any and in the second section, enter itemized deductions only. The limit on deductions will be in column B on Schedule K-1, Schedules K-1 — Schedule K-1 Activity Worksheet.

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