Okok, I know I said I'd be done in the last post, but I think I'm genuinely done now! Yippeee!! I've posted this in 2 other subreddits to hopefully get as much input as possible. Y'all have been great and have definitely given me a lot of confidence, so thank you! I really really appreciate it!
For this post, I just have a few things I want to double check and I'll have my amended 8865 for 2024 on its way…. feel free to JUST confirm or correct what you know and don't bother with any of the rest! (Even if the knowledge you have is from a 1065, but please specify if so.)
All the stuff that actually applies to the partnership:
Schedule B other and then total income was just our businesses gross income (even though it asks for net) because I don't think they wanted me to put any deducted amount? I didn't fill out any other forms for the partnership so I'm pretty sure this is right.
(And all of our trade deductions were put under "other deductions")
Schedule K lines 1 and 14a I put the same number as the net total from line 22 of schedule B in BOTH line 1 and 14a of schedule K… this I'm not 100% sure on but heres why: line 1 says "take from line 22" and line 14a said "income from self employment." I haven't been able to find any clear instructions on this however I've found some people saying 14a was the same if 100% of the income was from self employment? I'm really not sure 😵💫
(There's no where to total the two up so there's nothing to imply that this doubles my income)
Schedule K-1 I just put my share into self employment income.
All the stuff I'm 99.99% sure DOESNT apply to the partnership:
Schedule G, K-2 and K-3 – I checked no to every free standing yes-no question. Which in Schedule G was Part V "additional information." I've also omitted everything except the first two pages of K-2 and K-3.
Schedule H and 1040 schedule D – i just put my personal info and left blank (also checked "no" to the question asking if we disposed of any investments in schedule D.)
If you can help, thank you so much but if you can't and just wanna give general advice for an amended return please do! Really sorry though I know this is a lot, I've gotta get this amended return out asap (hoping to mail it tomorrow or Friday)
My 8865 is all done, did I fill out these lines/ schedules correctly?
byu/Ok-Extension-4568 intax
Posted by Ok-Extension-4568