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Forms in Premium Level for Partnership Edition (1065)

Nearly all forms needed by partnerships are built in and fully automated, more than double the number in the Standard Level.

IRS Form

Common Use

Form 1065   U.S. Return of Partnership Income

Main signature form required for all returns. 4-page form includes Schedules A, B, K, L, M-1, and M-2.

Schedule B-1   Information on Partners Owning 50% or More of the Partnership

To provide details in support of Form 1065, Schedule B, Questions 3a and 3b

Schedule D   Capital Gains and Losses

To report sale of exchange of capital assets (such as stocks and bonds), including capital gain distributions

Schedule F   Profit or Loss from Farming

For earned income from a farm business you own

Schedule K-1   Partner's Share of Income, Credits, Deductions, etc.

To report each individual partner's share of items each partner must report on his or her own return

Form 1125-A   Cost of Goods Sold

To calculate cost of goods sold for line 2 of Form 1065

Form 2848   Power of Attorney and Declaration of Representative

Taxpayers who want to authorize someone else to represent them before the IRS.

Form 3468   Investment Credit

Rehabilitation, energy, and reforestation credits

Form 4255   Recapture of Investment Credit

To figure recapture of investment credit or a qualifying therapeutic discrovery project grant

Form 4562   Depreciation and Amortization

To figure deductions for depreciation and amortization of business and investment property

Form 4684   Casualties and Thefts

To figure deductions for losses due to casualty or theft

Form 4797   Sales of Business Property

To report income or loss from sale or exchange of business and certain investment property

Form 4835   Farm Rental Income

To report income or loss from farm property rental based on production

Form 5884   Work Opportunity Credit

Employers who paid 1st-year wages to targeted groups such as veterans

Form 6252   Installment Sale Income

To figure current-year taxable income from installment payments received

Form 6478   Alcohol Fuel Credit

Anyone who uses alcohol as fuel (credit for use of ethanol or methanol)

Form 6765   Credit for Increasing Research

Businesses with technological research for new products

Form 6781   Gains and Losses From Section 1256 Contracts and Straddles

Investors in futures contracts or non-equity options, plus option and commodity dealers with equity options or security contracts

Form 7004   Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns

To extend filing date to 5 months after regular due date

Form 8283   Noncash Charitable Contributions

To satisfy reporting requirements when contributions other than cash or check total more than $500

Form 8586   Low Income Housing Credit

Anyone with new residential rental buildings in low-income housing projects

Form 8594   Asset Acquisition Statement

To report transfers of assets without including goodwill in basis

Form 8611   Recapture of Low Income Housing Credit

Recapture of previously claimed credit if basis decreased or disposed of property without the proper bong or collateral

Form 8822   Change of Address

Anyone who changed their mailing or business address after their last Form 1065 was filed

Form 8824   Like-Kind Exchanges

Anyone who wants to defer tax on sale based on like-kind exchange rules

Form 8825   Rental Real Estate Income and Expenses of a Partnership

To report income and expenses from rental real estate

Form 8846   Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips

Employers of those who receive tips for food or beverage service

Form 8910   Alternative Motor Vehicle Credit

Those who purchase vehicles propelled by certain alternative sources, including hybrids.

Form 8941   Credit for Small Employer Health Insurance Premiums

For small employers to claim credit for providing health insurance.

Form 8949   Sales and Other Dispositions of Capital Assets

To provide details on transactions for Schedule D that were formerly reported on Schedule D itself.

Other forms. In addition to the IRS forms there are numerous HowardSoft-designed forms and worksheets included to provide unlimited support for multiple activities and more comlete automation of calculations. For partnership returns there is also a unique Distribution Worksheet that lets you independently allocate each line of Schedule K among copies of Schedule K-1 in accordance with 9 independently definable distribution methods (or manually), so you don't have to manually allocate amounts on each and every Schedule K-1 yourself.

(Also see what forms are included in Economy Level and Standard Level software.)