# Enrolled Agent Exam [Part 2] 11, Schedule K-1 (Form 1065) — Partner Reporting

Page: https://stenobird.com/podcast/finance-exam-prep-7658413/enrolled-agent-exam-part-2-11-schedule-k-1-form-1065-partner-reporting
Text version: https://stenobird.com/podcast/finance-exam-prep-7658413/enrolled-agent-exam-part-2-11-schedule-k-1-form-1065-partner-reporting.md
Podcast: [Finance Exam Prep](https://stenobird.com/podcast/finance-exam-prep-7658413)
Published: 2026-05-08T22:41:20+00:00
Episode link: https://open-exam-prep.com/
Audio file: https://episodes.captivate.fm/episode/83331255-3a0f-4a60-ad3d-1b65f86c0332.mp3
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Duration seconds: 187

## Resource

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

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