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Episode 5: Different Types of K1s - K1P, K1S, K1F
FAQ: What is the difference between the types of K1s? (Spoiler alert: it really matters! They are not taxed the same.)
Main Objective: Teach you the basics of different K1 forms (K1P, K1F, K1S) and how to guide clients through their tax implications and reporting.
Description: In this episode, we dive into the world of K1 forms, breaking down the differences between K1P, K1F, and K1S and their unique tax implications. We share strategies for reducing self-employment tax on K1P income and stress the importance of accurate data entry, especially for QBI information. We also cover the careful handling of multi-state K1s and withholdings to avoid costly mistakes. Plus, we explain why K1 losses only flow through to the 1040 if there’s sufficient basis, often requiring manual verification. Tune in to learn how to confidently navigate K1 complexities and guide your clients with ease!
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By Kristy PackFAQ: What is the difference between the types of K1s? (Spoiler alert: it really matters! They are not taxed the same.)
Main Objective: Teach you the basics of different K1 forms (K1P, K1F, K1S) and how to guide clients through their tax implications and reporting.
Description: In this episode, we dive into the world of K1 forms, breaking down the differences between K1P, K1F, and K1S and their unique tax implications. We share strategies for reducing self-employment tax on K1P income and stress the importance of accurate data entry, especially for QBI information. We also cover the careful handling of multi-state K1s and withholdings to avoid costly mistakes. Plus, we explain why K1 losses only flow through to the 1040 if there’s sufficient basis, often requiring manual verification. Tune in to learn how to confidently navigate K1 complexities and guide your clients with ease!