Partnership Income Tax (Form 1065)

Learn to enter tax data for a Partnership into tax Form 1065 from a CPA

4.43 (172 reviews)
4 hours
Dec 2019
last update
regular price

What you will learn

How to enter tax data for an Partnership into Form 1065

How to use tax software to input a Form 1065

How to use an Excel worksheet to support tax data input for a Partnership tax return Form 1065

How to enter and track Schedule K adjustments

How to enter and track M-1 adjustments

How to enter and review data for Form K-1


This course currently consists of a comprehensive problem showing the data input process of a Partnership into tax Form 1065.

This course will put together a systematic format of entering data into a Form 1065 that will minimize errors, isolate problems as they happen, and remove the possibility of having to start the process all over again.

We will enter each M-1 adjustment individually into both the tax return and an Excel worksheet so that we fully understand how they work.

We will start by reviewing the data for the comprehensive problem.

Then we will enter the data into an Excel worksheet that will be used to help us organize the information.

We will be using Lacerte Tax software to enter the tax data into Form 1065. However, we will also provide PDF files of the tax forms so learners can enter the data directly into the tax forms as we go. The tax forms can also be found on the IRS website.

The course will demonstrate how to enter the data into the tax forms in stages to reduce potential mistakes and to identify mistakes as they happen so they can be fixed as easily as possible.

We will start the data input with the balance sheet.

Then we will enter the income statement as it is formatted in the adjusted trial balance.

Next, we will systematically go through Schedule K and M-1 adjustments. We will isolate these adjustments, reviewing them on the tax forms, in the software, and using our Excel worksheet.

We will then review the tax forms.

Next, we will review the Form K-1s and basic calculations.

The course will demonstrate the exporting of the K-1 Form to the individual Form 1040 for an owner of the Partnership, showing the flow through process.


Partnership Income Tax (Form 1065) - Screenshot_01Partnership Income Tax (Form 1065) - Screenshot_02Partnership Income Tax (Form 1065) - Screenshot_03Partnership Income Tax (Form 1065) - Screenshot_04




Comprehensive Problem

Documents To Download
Comp 1 Partnership Comprehensive Problem Part 1 Review Data
Comp 2 Partnership Comprehensive Problem Part 2 Excel Worksheet
Comp 3 Partnership Comprehensive Problem Part 3 Review Tax Return
Comp 4 Partnership Comprehensive Problem Part 4 Enter Beginning Balances
Comp 5 Partnership Comprehensive Problem Part 5 Depreciation Schedules
Comp 6 Partnership Comprehensive Problem Part 6 Balance Sheet
Comp 7 Partnership Comprehensive Problem Part 7 Income Statement
Comp 8 Partnership Comprehensive Problem Part 8 Balance The Balance Sheet
Comp 9 Partnership Comprehensive Problem Part 9 Purchase of Equipment
Comp 10 Partnership Comprehensive Problem Part 10 M-1 Depreciation
Comp 11 Partnership Comprehensive Problem Part 11 M-1 Sale of Equipment
Comp 12 Partnership Comprehensive Problem Part 12 Sch. K Dividend Income
Comp 13 Partnership Comprehensive Problem Part 13 Sch. K Interest Income
Comp 14 Partnership Comprehensive Problem Part 14 Sch. D Sale
Comp 15 Partnership Comprehensive Problem Part 15 Sch. K Contributions
Comp 16 Partnership Comprehensive Problem Part 16 M-1 Tax Exempt Interest
Comp 17 Partnership Comprehensive Problem Part 17 M-1 Meals
Comp 18 Partnership Comprehensive Problem Part 18 COGS
Comp 19 Partnership Comprehensive Problem Part 19 Sch K-1
Comp 20 Partnership Comprehensive Problem Part 20 Diagnostics & Review
Comp 20 Partnership Comprehensive Problem Part 20 Diagnostics & Review


July 14, 2022
I only seen Part One and went through the introduction. Not fair to rate the course until the end. Thus far so good
January 24, 2022
I beleive this is going to come in handy this year I have a couple partnerships i have to do and I needed to see this I needed the tools to be able to isolate this task into a step by step basis thank you for doing these videos I am your number one fan at the moment lol
January 1, 2022
Information was good, but delivered too fast. The lecturer spoke as if he was doing an auction. This rapid firing of information got annoying really fast and eventually became horrendous to listen to. Slow down just a bit. It's not a race.
December 31, 2021
Awesome Course!! I just started using Lacerte so this is perfect for me however, it's applicable to users of any tax program as it teaches us to not necessarily rely on the programs (data entry style) and to really understand Partnership returns
May 30, 2021
This Course is exactly what I was looking for. It covers all the items that I wanted to learn about form 1065.
April 4, 2021
While I have college level accounting knowledge, it was pertinent to understand how that translates to small business tax preparation. This course breaks it down in easily understandable steps so I can confidently prepare an accurate partnership return.
March 30, 2021
Would like more information about how the k1 feeds into the 1040. I thought some information feeds into schedual E??? Also if you could do a video on form 8995 would be really helpful!
March 28, 2021
I have purchased several courses from this instructor and all his courses has been excellent. He knows his topic very well and he explains it in a simple way that anyone can understand. I like this course.
November 8, 2020
Its was a good match for me, however the learning experience could have been little better. I encountered the 'pause & play' problem in the last 3 slides.
February 8, 2020
This course is great for my own accounting business. I love the Excel and Lacerte connect to each other. The connection is efficient for my own practice. I will do those and QuickBooks to effectively do my accounting practice.
January 8, 2020
This class gave me the tools to start an entry-level job preparing a 1065 and take the next step after compiling financials in QuickBooks. I'm currently enrolled in a MST program and have wanted to see how to take client information (trial balance) and prepare a partnership tax return in a systematic way from scratch. This class also showed me how to prepare a professional supporting workpaper in Excel.
January 2, 2020
This is the only tax course that teaches you how to solve the real problems you may get in your practice! Your problem may be easier or more complicated than those presented in this course but the way to solve them is the same. Great course!



Partnership Income Tax (Form 1065) - Price chart


Partnership Income Tax (Form 1065) - Ratings chart

Enrollment distribution

Partnership Income Tax (Form 1065) - Distribution chart


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