Use Tax Form 1065b: U.S. Return of Income for Electing Large Partnerships as a stand alone tax form calculator to quickly calculate specific amounts for your 2024 tax return. Alternatively you can use one of our Combined Federal and State Tax Estimator to quickly calculate your salary, tax and take home pay.
U.S. Return of Income for Electing Large Partnerships Part I Taxable Income or Loss From Passive Loss Limitation Activities Income 1a Gross receipts or sales b Less returns and allowances c Bal ▸ 1c 2 Cost of goods sold (attach Form 1125-A) 2 3 Gross profit. Subtract line 2 from line 1c 3 4 Net rental real estate income (loss) (attach Form 8825) 4 5 Net income (loss) from other rental activities (attach statement) 5 6 Ordinary income (loss) from other partnerships, estates, and trusts (attach statement) 6 7 Net farm profit (loss) (attach Schedule F (Form 1040)) 7 8 Excess of net short-term capital gain over net long-term capital loss (Schedule D, line 20) 8 9 Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797) 9 10 Other income (loss) (see instructions) (attach statement) 10 11 Total income (loss). Combine lines 3 through 10 11 Deductions 12 Salaries and wages (other than to partners) (less employment credits) 12 13 Guaranteed payments to partners 13 14 Repairs and maintenance 14 15 Bad debts 15 16 Rent 16 17 Taxes and licenses 17 18 Interest 18 19a Depreciation and section 179 expense deduction (see instructions) 19a b Less: depreciation reported on Form 1125-A and elsewhere on return 19b 19c 20 Depletion 20 21 Retirement plans, etc. 21 22 Employee benefit programs 22 23 Other deductions (attach statement) 23 24 Total deductions. Add the amounts shown in the far right column for lines 12 through 23 24 25 Taxable income (loss) from passive loss limitation activities. Subtract line 24 from line 11 25 26 Tax (see instructions). Check if from: a Form 4255 b Form 8611 26 27 Other payments. Check if from: a Form 2439 b Form 4136 27 28 Amount owed. Enter the excess of line 26 over line 27 28 29 Overpayment. Enter the excess of line 27 over line 26 29 Part II Taxable Income or Loss From Other Activities 1 Interest 1 2a Total ordinary dividends 2a 2b Qualified dividends 2b c Nonqualified dividends (subtract line 2b from 2a) 2c 3 Gross royalties 3 4 Excess of net short-term capital gain over net long-term capital loss (Schedule D, line 23) 4 5 Other income (loss) (see instructions) (attach statement) 5 6 Total income (loss). Add lines 1, 2c, 3, 4, and 5 6 7 Interest expense on investment debts (attach Form 4952) 7 8 State and local income taxes (see instructions) 8 9 Charitable contributions (see instructions for limitations and required attachment) 9 10a QTotal miscellaneous itemized deductions 10a b Deductible amount. Multiply line 10a by 30% (0.3) 10b 11 Other deductions (attach statement) 11 12 Total deductions. Add lines 7, 8, 9, 10b, and 11 12 13 Taxable income (loss) from other activities. Subtract line 12 from line 6 13 Schedule B Other Information (see instructions) 1 What type of entity is filing this return? Check the applicable box: Yes No a Domestic general partnership b Domestic limited partnership c Domestic limited liability company d Domestic limited liability partnership e Foreign partnership f Other ▸ 2 Are any partners in this partnership also partnerships? 3 During the partnership’s tax year, did the partnership own any interest in another partnership or in any foreign entity that was disregarded as an entity separate from its owner under Regulations sections 301.7701-2 and 301.7701-3? If “Yes,” see instructions for required attachment 4 Does this partnership have any foreign partners? If “Yes,” the partnership may have to file Forms 8804, 8805, and 8813. (See instructions.) 5 Is this partnership a publicly traded partnership as defined in section 469(k)(2)? 6 Has this partnership filed, or is it required to file, Form 8918, Material Advisor Disclosure Statement, to provide information on any reportable transaction? 7 At any time during calendar year 2016, did the partnership have an interest in or a signature or other authority over a financial account in a foreign country (such as a bank account, securities account, or other financial account)? See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). 8 During the tax year, did the partnership receive a distribution from, or was it the grantor to, or transferor to, a foreign trust? If “Yes,” the partnership may have to file Form 3520 9 Enter the number of Forms 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, attached to this return. ▸ 10 During the partnership's tax year, did the partnership make any payments that would require it to file Forms 1042 and 1042-S under chapter 3 (sections 1441 through 1464) or chapter 4 (sections 1471 through 1474)? Schedule D Capital Gains and Losses (Use Form 8949 to list your transactions for lines 1b, 2, 3, 8b, 9, and 10.) Part I—Short-Term Capital Gains and Losses—Assets Held One Year or Less See instructions for how to figure the amounts to enter on the lines below. (d) (e) (g) (h) Gain or (loss). 1a Totals for all short-term transactions reported on Form 1099-B for which basis was reported to the IRS and for which you have no adjustments (see instructions). However, if you choose to report all these transactions on Form 8949, leave this line blank and go to line 1b 1b Totals for all transactions reported on Form(s) 8949 with Box A checked 2 Totals for all transactions reported on Form(s) 8949 with Box B checked 3 Totals for all transactions reported on Form(s) 8949 with Box C checked 4 Short-term capital gain from installment sales from Form 6252, line 26 or 37 4 5 Short-term capital gain or (loss) from like-kind exchanges from Form 8824 5 6 Partnership's share of net short-term capital gain (loss) from other partnerships, estates, and trusts 6 7 Net short-term capital gain or (loss). Combine lines 1a through 6 in column (h) 7 Part II—Long-Term Capital Gains and Losses—Assets Held More Than One Year See instructions for how to figure the amounts to enter on the lines below. (d) (e) (g) (h) Gain or (loss). 8a Totals for all long-term transactions reported on Form 1099-B for which basis was reported to the IRS and for which you have no adjustments (see instructions). However, if you choose to report all these transactions on Form 8949, leave this line blank and go to line 8b 8b Totals for all transactions reported on Form(s) 8949 with Box D checked 9 Totals for all transactions reported on Form(s) 8949 with Box E checked 10 Totals for all transactions reported on Form(s) 8949 with Box F checked 11 Enter gain from Form 4797, Part I 11 12 Long-term capital gain from installment sales from Form 6252, line 26 or 37 12 13 Long-term capital gain or (loss) from like-kind exchanges from Form 8824 13 14 Partnership's share of net long-term capital gain (loss) from other partnerships, estates, and trusts 14 15 Net long-term capital gain or (loss). Combine lines 8a through 14 in column (h) 15 Part III—Summary of Parts I and II 16 Combine lines 7 and 15 and enter the net gain (loss) 16 17 Enter excess of net short-term capital gain (line 7) over net long-term capital loss (line 15) 17 18 Net capital gain or (loss). Subtract line 17 from line 16 18 Part IV—Net Capital Gain (Loss) From Passive Loss Limitation Activities 19 Redetermine the amount on line 17 by taking into account only gains and losses from passive loss limitation activities 19 20 Excess of net short-term capital gain over net long-term capital loss. Enter the smaller of the amount on line 17 or line 19. Enter here and on page 1, Part I, line 8 20 21 Redetermine the amount on line 18 by taking into account only gains and losses from passive loss limitation activities 21 22 Net capital gain or (loss) from passive loss limitation activities. If lines 18 and 21 are both positive or both negative, enter the smaller of line 18 or line 21. Otherwise, enter -0-. Enter here and on Schedule K, line 4a 22 22 Part V—Net Capital Gain (Loss) From Other Activities 23 Excess of net short-term capital gain over net long-term capital loss. Subtract line 20 from line 17. Enter here and on page 2, Part II, line 4 23 24 Net capital gain or (loss) from other activities. Subtract line 22 from line 18. Enter here and on Schedule K, line 4b 24 Schedule K Partners’ Shares of Income, Credits, Deductions, etc. 1a Taxable income (loss) from passive loss limitation activities (Part I, line 25) 1a b Amount on line 1a allocated to general partners as: (1) Taxable income (loss) from trade or business activities 1b(1) (2) Taxable income (loss) from rental real estate activities 1b(2) (3) Taxable income (loss) from other rental activities 1b(3) c Total amount on line 1a allocated to general partners. Combine lines 1b(1) through 1b(3) 1c d Taxable income (loss) from passive loss limitation activities allocated to limited partners. Subtract line 1c from line 1a (report on Schedules K-1, box 1) 1d 2 Taxable income (loss) from other activities (Part II, line 13) 2 3 Qualified dividends from other activities (Part II, line 2b) 3 4a Net capital gain (loss) from passive loss limitation activities (Schedule D, line 22) 4a b Net capital gain (loss) from other activities (Schedule D, line 24) 4b 5 Net passive alternative minimum tax adjustment 5 6 Net other alternative minimum tax adjustment 6 7 Guaranteed payments 7 8 Income from discharge of indebtedness 8 9 Tax-exempt interest income 9 10 General credits (see instructions) 10 11 Low-income housing credit (see instructions) 11 12 Rehabilitation credit from rental real estate activities (attach Form 3468, if applicable) 12 13a Net earnings (loss) from self-employment 13a 13b Gross nonfarm income 13b 14a Name of foreign country or U.S. possession ▸ b Gross income from all sources 14b c Gross income sourced at partner level (attach statement) 14c d Foreign gross income sourced at partnership level: (1) Passive category 14d(1) (2) General category 14d(2) (3) Other (attach statement) 14d(3) e Deductions allocated and apportioned at partner level: (1) Interest expense 14e(1) (2) Other 14e(2) f Deductions allocated and apportioned at partnership level to foreign source income: (1) Passive category 14f(1) (2) General category 14f(2) (3) Other (attach statement) 14f(3) g Total foreign taxes (check one): ▸ Paid Accrued 14g h Reduction in taxes available for credit (attach statement) 14h 15 Other items and amounts required to be reported separately to partners (attach statement) Analysis of Net Income (Loss) 1 Net income (loss). In column (b), add lines 1c through 4b, 7, and 8. From the result, subtract line 14g 1 2 Analysis by partner type: (i) Corporate (ii) Individual (active)(iii) Individual (passive)(iv) Partnership (v) Exempt Organization (vi) Nominee/Other a General partners b Limited partners Schedule L Balance Sheets per Books Beginning of tax year End of tax year Assets (a) (b) (c) (d) 1 Cash 2a Trade notes and accounts receivable b Less allowance for bad debts 3 Inventories 4 U.S. government obligations 5 Tax-exempt securities 6 Other current assets (attach statement) 7a Loans to partners (or persons related to partners) b Mortgage and real estate loans 8 Other investments (attach statement) 9a Buildings and other depreciable assets b Less accumulated depreciation 10a Depletable assets b Less accumulated depletion 11 Land (net of any amortization) 12a Intangible assets (amortizable only) b Less accumulated amortization 13 Other assets (attach statement) 14 Total assets Liabilities and Capital 15 Accounts payable 16 Mortgages, notes, bonds payable in less than 1 year 17 Other current liabilities (attach statement) 18 All nonrecourse loans 19a Loans from partners (or persons related to partners) b Mortgages, notes, bonds payable in 1 year or more 20 Other liabilities (attach statement) 21 Partners’ capital accounts 22 Total liabilities and capital Schedule M-1 Reconciliation of Income (Loss) per Books With Income (Loss) per Return Note. The partnership may be required to file Schedule M-3 (see instructions). 1 Net income (loss) per books 2 Income included on Schedule K, lines 1c through 4b, and 8, not recorded on books this year (itemize): 3 Guaranteed payments 4 Expenses recorded on books this year not included on Schedule K, lines 1c through 4b, and 14g (itemize): a Depreciation $b Travel and entertainment $5 Add lines 1 through 4 6 Income recorded on books this year not included on Schedule K, lines 1c through 4b, and 8 (itemize): a Tax-exempt interest $7 Deductions included on Schedule K, lines 1c through 4b, and 14g, not charged against book income this year (itemize): a Depreciation $8 Add lines 6 and 7 9 Income (loss) (Analysis of Net Income (Loss), line 1). Subtract line 8 from line 5 Schedule M-2 Analysis of Partners’ Capital Accounts 1 Balance at beginning of year 2a Capital contributed: Cash 2b Capital contributed: Property 3 Net income (loss) per books 4 Other increases (itemize): 5 Add lines 1 through 4 6a Distributions: Cash 6b Distributions: Property 7 Other decreases (itemize): 8 Add lines 6 and 7 9 Balance at end of year. Subtract line 8 from line 5