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Form 1065- Partnership

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    Form 1065- Partnership

    I need help, this is new for me. I am preparing the 1065...and have a 1099-K Payment card and third party network transactions.....Where do i key this in? these were credit card payments
    for the food/rooms at this Bed and Breakfast Inn.
    thanks vseals
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    how and where in the software to post 1099-K
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    can I get help before the deadline for 1065
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    #2
    Originally posted by vseals View Post
    I need help, this is new for me. I am preparing the 1065...and have a 1099-K Payment card and third party network transactions.....Where do i key this in? these were credit card payments
    for the food/rooms at this Bed and Breakfast Inn.
    thanks vseals

    Line 1a, Gross receipts or sales.

    Comment


      #3
      If this is the first 1065 you are doing, I would strongly suggest file 7004 (Extension) if you are facing a steep learning curve.

      Many years back I screwed up my first 1065 and had to refund my fees!
      Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

      Comment


        #4
        Originally posted by vseals View Post
        I need help, this is new for me. I am preparing the 1065...and have a 1099-K Payment card and third party network transactions.....Where do i key this in? these were credit card payments
        for the food/rooms at this Bed and Breakfast Inn.
        thanks vseals
        That is a question for your client. Are these amounts already included in the income they gave you or not. It should be....

        Chris

        Comment


          #5
          Assuming this business accepts cash payments, make sure 1095-K figures are in line with gross income. You don't want a situation where gross income is exactly the same as 1095-K receipts but the business also has other income.
          Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

          Comment


            #6
            Form 1099-K

            form 1099-K ( payment card & third party network transactions needs to be entered on the 1065 for income......where should it be posted...and should i just total the transactions
            and post them under income?....since this form is filed with the irs....i know what to do if it were on the 1040 Federal return.

            Comment


              #7
              There is no IRS matching to form 1099K since these only reflect amounts charged against customer credit cards. Cash back, tips, sales tax, etc are included and none of those things are income to the company. See this link:


              Form 1099-K reports payments from payment apps or online marketplaces and from credit, debit or stored-value cards. Use it to help figure and report your correct income on your tax return.

              Comment


                #8
                thank you very much for your help

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