Partnership Income Tax (Form 1065)

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

4.64 (469 reviews)
Partnership Income Tax (Form 1065)
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

Why take this course?

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

Our review

🌟 **Overview of Course Rating and Reviews** 🌟 The online course "Mastering Partnership Taxation" has received an impressive global rating of 4.64, with all recent reviews praising its content and application in real-world scenarios. The course covers a comprehensive range of topics from Excel to Lacerte and QuickBooks, focusing on the preparation of Form 1065, and extends to understanding partnership tax returns thoroughly. **Pros:** - **Practical Application:** Many users have found the course invaluable for their own accounting businesses, as it provides tools for preparing a 1065 and taking the next step after compiling financials in QuickBooks. - **Real-World Skills:** The course is praised for teaching not just how to use software but also for understanding partnership returns at a deeper level, which is applicable regardless of the tax program used. - **Expert Instruction:** The instructor's knowledge and ability to explain complex topics in simple terms have been consistently commended. Several users have taken multiple courses from this instructor and found them all to be excellent. - **Comprehensive Content:** Users appreciate the course's thorough coverage of all areas of the return, which is particularly helpful for beginners looking to understand partnership tax. - **Learner Support:** The course is noted for its detailed explanations and repetition, which aids in memory retention and understanding. **Cons:** - **Presentation Speed:** A few users have pointed out that the lecturer speaks rather quickly, making it necessary to pause and rewind sections to fully grasp the material. - **Pacing and Clarity:** Some learners would prefer a more methodical approach with a step-by-step presentation and clear explanations for certain steps and numerical adjustments. - **Varied Learner Level Suitability:** The course is deemed excellent for those already familiar with college-level accounting but may require a foundational introduction for complete beginners. - **Technical Issues:** One user encountered a 'pause & play' issue on the last few slides, which disrupted their learning experience. - **Content Depth:** While the course is comprehensive, some users would like additional information on specific topics, such as the integration of K1s into the 1040 or detailed explanations of form 8995. **General Feedback:** - The majority of reviewers have found this course to be a perfect match for their needs, whether they are seasoned accountants looking to refine their skills or newcomers to tax preparation. - The course is highly recommended, with users expressing their appreciation for the instructor's approach and content. However, some suggest that the instructor should slow down to ensure clarity and comprehension. - For those who have not yet completed the course, the initial impressions are positive, with users excited about the learning journey ahead and anticipating further questions to be answered as they progress. In conclusion, "Mastering Partnership Taxation" stands out as a well-rounded, practical, and informative course for accounting professionals seeking to enhance their understanding and skills in partnership tax returns. While there are areas for improvement in terms of presentation speed and clarity, the overall reception is highly positive, with users eagerly awaiting the opportunity to apply what they've learned in practical situations.



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