From the K-1 to the 1040 – Types of K-1s and How Each Affects Your Client's Return

This program was recorded live on Tuesday, June 14, 2022

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Continuing Education

CPE Program Knowledge Level: Overview
2 CPE Credit; NO prerequisites or advance preparation
CTEC Course #: 3022-CE-0152
IRS/RPO Approved Program
#7ZBUJ-T-00096-22-O (Online/Group) Live (Group-Internet Based)
#7ZBUJ-T-00096-22-S (QAS Self Study) Archive
Federal Tax Law (2 Hours)

Program Content

This online learning program, presented as a live webcast, will be also archived for QAS Self Study.  The program will be available for viewing for 12 months after the live webcast. A panel of IRS and industry experts will present the content during a live, interactive discussion, where participant questions can be submitted. Questions will be answered live on the program or posted on the Resources page.

The program, through a lively round-table discussion and real time interaction with the audience, examines the various K-1 schedules and how they affect a client's tax return. The program will focus on the items reported on Schedule K-1 for partners, shareholders, and beneficiaries, and the requirement that taxpayers be consistent in the reporting of items between their personal returns and the K-1s. Panelists also will examine the changes to reporting for foreign partnerships for 2021 on the new Schedules K-2 and K-3.

By the end of the program, participants will have a practical understanding, through accurate, current, and effectively designed communications, of the purpose of Schedule K-1, the consistency requirements, the items separately reported on the K-1, and what limitations apply to those items.

Program Learning Objectives

  1. Identify the form used by taxpayers to calculate tax on base erosion payments with substantial gross receipts of $500 million or more annually.
  2. Identify the form a partnership uses to report transactions.
  3. Identify which section of the IRC presents Passive activity rules.
  4. Identify the form used by exempt organizations to report any unrelated business income.

Program Outline

  • Types of K-1
    • Partner's Shares (Form 1065)
    • S-Corp. Shareholder's Shares (Form 1120-S)
    • Beneficiary's Shares (Form 1041)
    • Foreign Partnerships (Form 8865)
    • Consistency Requirement

  • Changes to Foreign Partnership Reporting for 2021
    • Schedule K-2, Partner's Distributive Share Items
    • Schedule K-3, Partner's Share of Income, Deductions, etc.

  • Partner's K-1
    • Deceased Partner
    • Sale of Partner's Interest
    • Limitations on Losses or Deductions
    • Items Separately Reported

  • Shareholder's K-1
    • Deceased Shareholder
    • Sale of Shareholder's Stock
    • Limitations on Losses or Deductions
    • Items Separately Reported

  • Beneficiary's K-1
    • Items Separately Reported
    • Generation-Skipping Trusts

  • Foreign Partnerships
    • Items Separately Reported
    • Items Reported on Schedule K-2 (2021)
    • Items Reported on Schedule K-3 (2021)



Alan Pinck, EA
A. Pinck & Associates

Alan Pinck is an Enrolled Agent with over 30 years of tax preparation experience in the San Francisco Bay Area. He has built a practice specializing in individual, small business tax preparation and audit representation. You have seen Alan presenting at NTPI events, CSEA Super Seminar, Spidell Publishing as well as a variety of other presentations for tax groups and small business associations. Having represented thousands of tax returns in audit, Alan has obtained tremendous insight of the audit process as well as knowledge on a wide variety of tax issues.

IRS Panelists

Cindy S. Kim

Cindy S. Kim
Program Manager, Cross Border Activities, Large Business & International Division, Internal Revenue Service

Cindy is the Program Manager, Cross Border Activities (CBA) in the Large Business & International Division (LB&I) at the IRS. Her previous roles include a field international manager, and the CBA outbound Practice Network manager. Before joining the IRS, she worked at a few of the Big Four firms. She holds a B.S. degree from Georgia Tech, a Masters in Tax from San Diego State University, and is a licensed CPA in the state of Illinois.

Ursula Gee

Ursula Gee
Program Manager, Withholding, Exchange & International Individual Compliance, Large Business & International Division, Internal Revenue Service

Ursula is the Program Manager, Withholding, Exchange & International Individual Compliance in the Large Business & International Division at the IRS. She joined the IRS Large Business & International Division in 2009. She holds degrees from New York University School of Law and UCLA Anderson School of Management, and is a licensed attorney and CPA in the State of California.

Karen Cate
Senior Advisor, Office of Associate Chief Counsel (International), Internal Revenue Service

Karen is a Senior Advisor in the IRS Office of Associate Chief Counsel (International). In this role, she assists with controversy, guidance, IRS publications, and other matters with respect to international tax; in particular the foreign tax credit and controlled foreign corporation income.

Industry Panelists

Claudia Hill

Claudia Hill, EA, MBA
Tax Mam, Inc./TMI Tax Services Group, Inc

Claudia Hill is an Enrolled Agent, nationally recognized tax professional and frequent lecturer on taxation of individuals and representation before IRS. She is Editor in Chief of the WoltersKluwer, (formerly CCH) Journal of Tax Practice & Procedure, co-author of CCH Expert Treatise Tax Practice & Procedure, a founding partner of Tax Genius Learning, and a frequent presenter for both audio and in-person CPE seminars nationwide. Claudia coordinates a "dream team of tax controversy advisors" for the IRS Watch blog on ( She was named a Top Ten Nominee by Tax Analysts as 2011 Person of the Year.

Claudia is owner and principal of Tax Mam, Inc. and TMI Tax Services Group, Inc. in Cupertino, CA. TMI Tax Services Group offers tax return preparation, tax planning, and tax problem resolution and representation services, primarily to individual clients. She is often called upon by the news media as a resource person for commentary on tax topics. Her articles and observations have appeared in CCH publications as well as Tax Analysts, and industry professional journals. Her mission to reform or eliminate the individual AMT has been the focus of a number of articles. In March 2005, Claudia was invited to testify about the individual AMT at the President's Tax Reform Panel. Visit her website,

Claudia is an associate member of the ABA Tax Section, a life member of the American Tax Policy Institute, a Fellow and former Dean of the NAEA-EF National Tax Practice Institute. After several years as "Chair," Ms. Hill is now a special advisor to the Government Relations Committee for the National Association of Enrolled Agents. She served on the 1987 Commissioner's Advisory Group to the National Office of the Internal Revenue Service. Ms. Hill holds a Master degree in Business Administration, earned with honors in 1978.

Michael Miranda

Michael R. Miranda CPA, QKA, AEP
MIRANDA CPA & Consulting LLC

Bringing 45 years of experience with tax consulting, estate planning, and employee benefits to his work as an independent consultant, Michael is the owner of MIRANDA CPA & Consulting LLC in Sioux Falls, SD.  His tax practice focuses on corporate, individual, estate and gift, and tax accounting.  He also provides employee benefit planning and consultation services for qualified, non-qualified, and health and welfare benefit plans.  As part of his IRS representation practice, Michael has worked with the National Office to obtain private letter rulings for clients, in addition to numerous EPCRS submissions and audits.  As a nationally recognized tax speaker, he maintains an active schedule presenting webinars and seminars on tax law, employee benefit planning, and estate planning.  He currently works with the National Tax Institute, the National Association of Enrolled Agents, Basics & Beyond, and other organizations that request speaker presentations.

Michael spent much of his career as a CPA with a regional CPA firm located in Northwestern Iowa, retiring after 27 years as a senior manager-shareholder with said firm.  Prior to this experience, he was a Tax Specialist with a Big 8 accounting firm in their South Bend and Minneapolis offices, providing tax and estate planning for individuals and small to medium-sized businesses.  He has earned professional designations including CPA, QKA, and AEP and through professional memberships with the American Institute of Certified Public Accountants, the American Society of Pension and Professional Actuaries, and the National Association of Estate Planning Councils.  Michael resides in Sioux Falls, SD with his wife Jeanette. 

Content Consultant

David F. Windish, J.D., LL.M
Content Consultant

David F. Windish, J.D., LL.M. in taxation, is a tax attorney and consultant. He has served as an instructor of tax-advantaged investments at the New York Institute of Finance; an Instructor of business law at the U.S. Merchant Marine Academy, Kings Point, N.Y.; and an adjunct professor at George Mason University, Fairfax, Va. He has also served as executive editor for Tax Analysts; managing editor for Business Strategies, published by CCH; and senior editor for the Institute for Business Planning.

Mr. Windish is the author of Practical Guide to Real Estate Taxation, published by CCH and currently going into its sixth edition. Earlier works include Tax Advantaged Investments and Investor's Guide to Limited Partnerships, both published by the New York Institute of Finance. Through the Center for Video Education, he authored continuing education courses dealing with real estate and closely held corporations. Those courses included readings, case studies, and videotape segments.

Mr. Windish is a graduate of Rutgers University Law School and the New York University School of Law, Graduate Division. He has been heard as a guest speaker at professional meetings and seminars and on popular radio programs.

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