TC-65-K1: Partner Share's of Utah Income, Deductions and Credits (2024)

What you'll need

Have the following information ready for the 2024 schedule:

• The partnership’s EIN, name and address.
• The partner’s SSN or EIN, name, address, phone number, ownership percentage and entity type.
• The partner’s affiliation and withdrawal dates, as applicable.
• The partner’s share of property, payroll and sales factors, with Utah and total amounts.
• Income, deductions, applicable credit names and codes, credit amounts, and Utah tax withheld on the partner’s behalf.

For Utah residents, the form directs you to use the amounts from federal Schedule K-1 for lines 1 through 16.

Common mistakes

• Do not overlook the residency directions for lines 1 through 16. Utah residents enter amounts from federal Schedule K-1. Utah nonresidents are directed to the instructions to calculate their amounts. Those instructions were not provided here.
• Do not skip applicable credits or withholding. The form says all filers complete lines 17 through 19, if applicable.

Questions people ask

What does the 2024 TC-65 Schedule K-1 report?

It reports a partner’s share of Utah income, deductions and credits, along with partnership and partner information, apportionment factors, and Utah tax withheld on the partner’s behalf.

How do I identify a limited partner or member?

Enter an “X” in field G if the partner is a limited partner or member.

Where are Utah tax credits reported?

Report nonrefundable credits on line 17 and refundable credits on line 18. Each line asks for the credit name, code and amount.

Where do I report withholding and a withholding waiver application?

Line 19 reports Utah tax withheld on behalf of the partner. The form also provides a box to mark with an “X” if a withholding waiver was applied for.

Official sources

• https://tax.utah.gov/forms