Episode
Enrolled Agent Exam [Part 2] 11, Schedule K-1 (Form 1065) — Partner Reporting
- Podcast
- Finance Exam Prep
- Published
- May 8, 2026
- Duration seconds
- 187
- Processing state
not_requested- Canonical source
- https://open-exam-prep.com/
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Summary
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Partners are taxed on their distributive share of income shown on Schedule K-1, not on cash distributions they receive. - Separately stated items, like capital gains or charitable contributions, retain their character and flow through to the partner's individual return. - A general partner's share of ordinary business income in Box 14 is typically subject to self-employment tax, while a limited partner's is not. - Box 20, Code Z, provides the necessary information to calculate the Section 199A QBI deduction, not the deduction amount itself. - The Schedule K-1 acts as a crucial informational bridge, linking the partnership's Form 1065 to the partner's Form 1040. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep