565 Schedule K-1: Partner's Share of Income, Deductions, Credits, etc. (2024)
California · FTB · Used for tax years 2024
California Schedule K-1 (565) reports a partner’s share of partnership income, losses, deductions, credits, and other tax items for 2024. It shows federal amounts, California adjustments, totals under California law, and California-source amounts and credits, along with the partn
What you'll need
Have the information and supporting documents requested by the form available:
- The partner’s name, address, and identifying number, plus the partnership’s name, address, FEIN, and California Secretary of State file number.
- Federal Schedule K-1 (Form 1065) amounts and the California adjustments reported in separate columns.
- Beginning and ending profit, loss, and capital percentages; the partner’s share of liabilities; and tax basis capital account information.
- A statement if the partner contributed property with a built-in gain or loss, as required by Item J.
- An explanation of any other increase or decrease in the capital account reported in Item L, column (d).
- Supporting schedules for other portfolio income, other income or loss, and other deductions, when reported. For other credits on line 15f, attach the required schedules or statements.
Common mistakes
- Do not transfer information from this schedule to your California return without first reviewing the Partner’s Instructions for Schedule K-1 (565). The form specifically cautions partners to consult those instructions.
- For Table 3, enter only amounts used to determine income or loss attributable to California sources. The form says all amounts entered must first be multiplied by the appropriate ending profit or loss percentage from Item D(ii).
Questions people ask
What does Schedule K-1 (565) report?
It reports a partner’s share of income, deductions, credits, and other items. It also includes information about liabilities, the tax basis capital account, and distributions.
How are federal amounts and California amounts shown?
Column (b) shows amounts from federal Schedule K-1 (Form 1065). Column (c) shows California adjustments. Column (d) combines columns (b) and (c) to show total amounts under California law. Column (e) shows California-source amounts and credits.
Where do I indicate that this is a final or amended schedule?
Item H has separate boxes for a final Schedule K-1 (565) and an amended Schedule K-1 (565).
Does the form ask whether the partner lives in California?
Yes. Item I asks whether the partner is a California resident, with Yes and No choices.
What should line 15a show for a calendar-year partnership?
Line 15a reports total withholding. For a calendar-year partnership, the form says this equals the amount on Form 592-B.