1065 8949 Form

1065 8949 Form: What You Should Know

Input the following information in the box labeled “Sales”: Sale Description/Type/Amount of Sale Sales Amount Enter the amount in the box labeled “Sales Amount”: (Include the name of the business, or the business name and location, for each sale.) Example: If the sale you input relates to one of your personal businesses, enter “PERSONAL BUSINESS.” Enter the total amount of sales in the input box labeled “Sales Amount” minus (in this example): Total Tax Rate/Taxpayer Type — if any (See the tax rates and exemptions for the particular filing status.) (See the tax rates and exemptions for the particular tax year.) Enter the amount of the income tax deduction in the input box labeled “Taxable Income”: Note The amount shown in “Sales Amount” on line 7b of Form 8949 will not match the amount shown on line 4 of Form 5471. Enter the sales cost for the sales you entered the output box labeled “0.” In most cases, line 4 will be zero. If it is not, enter the amount equal to the amount shown there. The amount shown on line 6 of Form 8949 is a deduction for amounts you deducted in box 1 at source on Form W-2 with the correct information reported in columns 3 and 4, column 9, and the amount shown in parentheses in column 8. If the amount is not correct, enter “0.” Example: Enter 0 in box 1 at source, not 0 on line 6 of Form 8949. You have no additional tax for items sold under Form 8949 and the total income you report there will not include any itemized deductions. To show the tax basis, do the following in the input box and output box labeled “0”: 0 Initial Tax — If zero (zero), enter zero 0 Total Tax Basis — Line 12 0 Total Tax Basis for Line 13 — Line 7a, line 7b, line 5b, and line 5c 0 Initial Basis — If zero (zero), enter zero 0 Tax Basis — Line 18 Line 18a Basis for Lines 19–22. To show the total balance, enter 0 in box 2 or box 7b on line 12, or 0 in box 5b on line 5c on line 5b. Line 4 of Form 8949 is not required if line 6 of Form 8949 is an entry on Form 5471.

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