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2018 schedule k-1 instructions Form: What You Should Know

See the instructions for line 14. 2018 Schedule K-1, Form 5652, Partner's Share of Income If a pass-through entity has more than one partner, each partner's share is shown separately on this form.  See the Form 5652 Instructions for line 5a — Partner's Share of Income If a pass-through entity does not have more than 1 partner, the partner's share is shown separately. See the following information for each of you: If you elect to use Form 5652; If you have an LLC instead of a corporation; If you are related to any resident of any other state; If your partnership is in a partnership election state (Delaware, Nevada, North Dakota, Ohio, Washington, Wisconsin and Wyoming); If your partnership has a qualified termination, including a dissolution or winding-up; and If you have income, gain, losses or deductions from an active business conducted in a foreign country that are subject to U.S. tax; any income from the active business may be subject to U.S. tax if you have any nonresident aliens in your partnership or that nonresident alien is treated as a resident of any state.  In addition, if the income, gain, losses, deductions, etc. of your partnership, LLC, S corporation, or separate business are more than 2,700,000, you must use Form 5694 to report any nonqualified dividends for which no U.S. tax is effectively paid. If you do not have income, gain, losses, deductions, etc., from an active business, or if your partnership, LLC, S corporation, or separate business have not been formed, you must file a separate 1040NR to report any nonqualified dividends for which no U.S. tax is effectively paid. If you elect to use Form 5653 to report distributions from an investment fund, report such dividend income on Form 3121, Capital Gains and Losses. Otherwise, report the gain or loss using Form 5652. Note: An active business means a business that performs the actual services or does the work in connection with the investment fund. It is important that you have the correct information on this schedule, to avoid having the wrong income taxed. If any amount on Schedule K-1 (568) is not reported as income on your return, make sure you attach a statement to your return, if no such return is needed.

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