My business is a general partnership and I'm TRYING to fill out form 1065. We donated about 75% of our income to our church. Where can we put this on our tax form?? On the Schedule K, line 13a? Or on the first page, line 20. Or both? HELP! Nothing I read makes sense
2007-01-31 09:14:09 · 1 answers · asked by Katie L 3 in Business & Finance ➔ Taxes ➔ United States
Not helpful. I need to know where to put in that we gave to the church.
2007-01-31 09:20:44 · update #1
As I recall, you're going to need to put that on Line 13, either Code A (50% AGI) or Code B (30% AGI). Remember, a charitable contribution from the partnership is considered as a passthrough item, meaning that the amount that you contributed doesn't reduce your partnership income. It's not an "expense", like insurance, rent, etc. The amount of charitable contribution will "flow through" to your personal tax returns and will be reported on Schedule A of the Form 1040.
Hope that helps!
2007-01-31 09:25:19 · answer #1 · answered by SuzeY 5 · 1⤊ 0⤋