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Form 1065 (Schedule M-3) Corona California: What You Should Know
Click on Schedule M-1, then the Schedule M-1. Then click the Add button in column B to add a new return. Then click the Calculate button to add the Schedule M-1 to the spreadsheet. If your partnerships were formed on or before June 30, 2018, you must use Part II of Schedule M-1; otherwise you can click Add to Table A. You may need to add the schedule of items you exclude from federal income tax. For Example: A partnership Form 1065 (Schedule K) for 2017, filed on March 31, 2018, lists federal Schedule M-3 items that it will exclude. You enter the items you are including in your income in that table or Table B after your Schedule M-1. The Partner's Schedule M-1 If you have partners who are not California residents, you must apply the following information: California partners' Form 1095 reporting Note: To be filed on an 809-INT, it may need to be completed by your partner. California partners' Form 1065 (Schedule K-1A) reporting If your partners' Form 1065 (Schedule K-1A) includes California federal Schedule M-3 items such as: Income Tax Exempted from the Exclusion/Exclusion From the Deduction on Schedule A — Enter these amounts on Schedule 1, line 10, column A Income Tax Excluded from Income on Schedule B — Enter these amounts in column B, Line 27 If the partner's income does not include California income tax exemptions you must add these amounts to Schedule K-1A, Line 18, Column A. If the partner's income does include California income tax exemptions that are not shown on the partner's Schedule K-1A. Enter these amounts on Schedule K-1A, Line 22, column A. Then you should add these amounts to an additional Schedule K-1A to determine what amounts will be withheld and pay by withholding tax or by direct deposit. Partnerships Form 1065 (Schedule K-1A) reports Partnerships Form 1065 (Schedule K-1A) reporting includes: California federal Schedule M-3 items, such as: The partner's income may include or include income from other states that excludes California income tax exemptions.
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