South Dakota Form 1065 (Schedule K-1) 2024-2025

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

F.1. Name and address of the partnership. F.2. Amount reported. See below for complete list of items. F.3. Filing status. Complete either a sole proprietorship, limited liability company, or corporation. F.4. Tax payment. The partnership's IRS Form 1065 will determine if your tax payment should be applied by the partner with the largest partnership income. See below for more information F.5. Taxes withheld and withheld by the partnership. F.6. Exemptions. Include the items in this section (excluding items that are already deducted by the partnership). In this section, you must include: a. Items that are already deducted by the partnership. This includes deductions that your partner may or may not claim. If no deductions were received, add on line 15 of the Schedule and report the amount on item 15. You may also deduct any item that is claimed on Forms W-2, 1099, or 1099-MISC, if received. b. Items that may be claimed by your partner. These include depreciation, interest, and income tax if paid. These are listed below with the appropriate deduction. See below for additional instructions. Line 1 — Deduction for partnership depreciation for partnership income Line 2 — Deduction for interest on partnerships interest paid Line 3 — Deduction for income tax paid on partnership income (excludes business interest) Line 4 — Deduction for partnership federal and state income taxes (does not include business interest) Line 5 — Deduction for partnership state and local sales tax (state portion only) Line 6 — Deduction for partners federal income tax payable (if included) Line 7 — Deduction for partners state income tax payable (if included) Line 8 — Deduction for partnership local sales tax (state portion only) Line 9 — Deduction for partners state and local sales tax (if included) Line 10 — Deduction for partnership income tax (not state taxes) Deduction amounts are added on line 15. F3 — Line 4 — Deduction for Partnership federal income tax due on all amounts reported. F4 — Line 5 — Deduction for the federal income tax claimed by you. Line 6 — Deduction for any state or local taxes paid on partnership income (only applicable if local sales tax paid is on item 15). Line 7 — Add interest on partnership interest. Line 9 — Add line 10 of Schedule if it has information withheld or if partner filed state income tax. Line 4 — Deduction for federal income tax as an individual.

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