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Genworth Mortgage Insurance Corporation ©2018 Genworth Financial, Inc. All rights reserved.
Tax Return Review-
Partnership Income Form 1065 with K1
Tax Return Series
February 2018
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Objective
”Understand the meaning of “Self Employed
Learn to use Fannie Mae’s Form 1084 to calculate supportableincome using tax returns.
Complete Fannie Mae’s Cash Flow Analysis Form 1084
– 1065 K1 Review (Section 7)
– 1065 Review (Section 8)
– Solvency/Liquidity Test
Partnership Form 1065 with K1
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Partnership Form 1065 with K1
Tax Forms-
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You’ll Need Calculators-
Partnership Form 1065 with K1
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Fannie Mae’s 1084
Partnership Form 1065 with K15
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Partnership Form 1065 with K1
The Case Study…The Case Study Amy Artist
Amy is a 66.6700000% member of an LLC.
Her reported taxable Income is a small
amount of interest and a K1 from Street Art
Design Company LLC
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Partnership Form 1065 with K1
1065 Partnership
Line 22 Ordinary Income
$_________
K1
%
Line 1 Ordinary Income
$_________
Schedule E page 2
Part II
Net Income $_______
1040
Line 17 Net Income Sch.E
*$_________
*Taxed at a personal rate
7
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Form 1065 / Partnership Return
.Five pages long
:First page follows the typical tax form pattern
– Income listed, deductions taken, taxable income/loss derived.
-Second, third fifth pages are Schedules.
– Every partnership completes the schedules, so they are part of the form.
Partnership Form 1065 with K18
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Check for trends or changes
– Gross receipts
– Cost of Good Sold
– Gross Profit
– Bottom line “Ordinary Income”
Partnership 1065
Partnership Form 1065 with K1 9
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Partnership Form 1065 with K1
1065 Partnership
Line 22 Ordinary Income
$_________
K1
%
Line 1 Ordinary Income
$_________
Schedule E page 2
Part II
Net Income $_______
1040
Line 17 Net Income Sch.E
*$_________
*Taxed at a personal rate
10
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Partnership K-1
Partnership Form 1065 with K111
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Partnership Form 1065 with K1
1065 Partnership
Line 22 Ordinary Income
$_________
K1
%
Line 1 Ordinary Income
$_________
Schedule E page 2
Part II
Net Income $_______
1040
Line 17 Net Income Sch.E
*$_________
*Taxed at a personal rate
12
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Review Schedule E
Partnership Form 1065 with K113
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Partnership Form 1065 with K1
1065 Partnership
Line 22 Ordinary Income
$_________
K1
%
Line 1 Ordinary Income
$_________
Schedule E page 2
Part II
Net Income $_______
1040
Line 17 Net Income Sch.E
*$_________
*Taxed at a personal rate
14
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1040
Partnership Form 1065 with K115
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Partnership Form 1065 with K1
1065 Partnership
Line 22 Ordinary Income
$_________
K1
%
Line 1 Ordinary Income
$_________
Schedule E page 2
Part II
Net Income $_______
1040
Line 17 Net Income Sch.E
*$_________
*Taxed at a personal rate
16
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Review Schedule E
17
Now you need to review the K1…
Partnership Form 1065 with K1
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Partnership Form 1065 with K1
1065 Partnership
Line 22 Ordinary Income
$_________
K1
%
Line 1 Ordinary Income
$_________
Schedule E page 2
Part II
Net Income $_______
1040
Line 17 Net Income Sch.E
*$_________
*Taxed at a personal rate
18
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Partnership K-1
Partnership Form 1065 with K119
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Partnership Form 1065 with K1
1065 Partnership
Line 22 Ordinary Income
$_________
K1
%
Line 1 Ordinary Income
$_________
Schedule E page 2
Part II
Net Income $_______
1040
Line 17 Net Income Sch.E
*$_________
*Taxed at a personal rate
20
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Check for trends or changes
– Gross receipts
– Cost of Good Sold
– Gross Profit
– Bottom line “Ordinary Income”
Partnership 1065
Partnership Form 1065 with K1 21
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Income Analysis Form 1084 Section 7
Review Line 17 to determine if a Schedule E has been filed this
does NOT automatically prove the borrower is Self Employed.
Sch. E may disclose K1’s from Partnerships, LLC’s, S-Corp’s
and CMO’s… But it may be reported Rental Income.
Partnership Form 1065 with K1
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Income Analysis Form 1084-Section 7
Partnership Form 1065 with K1
IF
As a Lender you must determine the
Investors guidelines and use
prudent underwriting analysis. We
believe this method to be a best
practice.
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24Partnership Form 1065 with K1
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Income Analysis Form 1084-Section 7
Partnership Form 1065 with K1
IF
As a Lender you must determine the
Investors guidelines and use
prudent underwriting analysis. We
believe this method to be a best
practice.
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Fannie Mae Selling Guide
26Partnership Form 1065 with K1
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Fannie Mae Selling Guide
27Partnership Form 1065 with K1
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Fannie Mae Selling Guide
28Partnership Form 1065 with K1
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Solvency and Liquidity
Partnership Form 1065 with K1 29
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Acid Test or Quick Ratio
30Partnership Form 1065 with K1
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Solvency
Quick Ratio
Also called the acid test ratio
Excludes inventory; includes only the most liquid assets
Indicates how quickly a Co. can pay its current obligations without relying
on future sales or its ability to meet its near term obligations
.Rule of thumb: $1.00 to $1.00; then the Co. is considered liquid
Important: What is the industry standard?
As the ratio gets smaller, paying bills becomes more difficult and a cash
withdrawal could be devastating
*Cash + Accounts Receivable + Other Current Assets =
Current Assets
Total Current Liabilities
*Cash includes all current assets
Partnership Form 1065 with K1
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Partnership Form 1065 with K1
Solvency
(Cash + Accounts Receivable) + Current Assets -
Total Current Liabilities
{ {
Every Business
Return will include a
2 Year Balance
Sheet as Schedule L
(unless total business assets
are less than $1,000,000)
& Total receipts are less than
$250,000
32
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1065 Review for Solvency/Liquidity
The last page of the 1065 Return is a Balance Sheet (Schedule L)
Partnership Form 1065 with K1
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34
Liquidity
Generally Accepted Accounting Principles
Partnership Form 1065 with K1
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(Cash #1 + Acct Receivable #2 + #4+ #5 +Other Current Assets #6)
(Acct Pay. #15 + MNB #16 + Other Current Liabilities #17)
Balance Sheet
Quick Ratio or Acid Test
Current Assets :
Current Liabilities:
Current Assets:
Current Liabilities: .201 - Solvency
35Partnership Form 1065 with K1
$765 + 0 + 0 +0+0 = $765
$0 + $0+ $3,800 = $3,800
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36
Liquidity
Generally Accepted Accounting Principles
Partnership Form 1065 with K1
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Other Current Liabilities
37Partnership Form 1065 with K1
Is the business loan due in full?
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Income Analysis Form 1084-Section 8
Partnership Form 1065 with K1
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Income Analysis Form 1084-Section 7
Partnership Form 1065 with K1
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Partnership Form 1065 with K1
Income Analysis Form 1084-Section 7
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Income Analysis Form 1084-Section 7
Partnership Form 1065 with K1
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Income Analysis Form 1084-Section 7
Partnership Form 1065 with K1
Now you need to review the 1065…
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Income Analysis Form 1084-Section 8
Partnership Form 1065 with K1
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Income Analysis Form 1084-Section 8
Partnership Form 1065 with K1
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Income Analysis Form 1084-Section 8
Partnership Form 1065 with K1
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Income Analysis Form 1084-Section 8
Partnership Form 1065 with K1
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Income Analysis Form 1084-Section 8
The statement must be reviewed to determine if “other deductions include amortization and/or casualty
losses. None have been identified in this return.
Partnership Form 1065 with K1
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Income Analysis Form 1084-Section 8
The statement must be reviewed to determine if “other deductions include amortization and/or casualty
losses. None have been identified in this return.
Partnership Form 1065 with K1
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Income Analysis Form 1084-Section 8
Partnership Form 1065 with K1
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Income Analysis Form 1084-Section 8
Partnership Form 1065 with K1
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% of Ownership
Partnership Form 1065 with K1
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Income Analysis Form 1084-Section 8
Partnership Form 1065 with K1
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Income 1003
Partnership Form 1065 with K1
Did you feel comfortable using this
borrower’s Guaranteed Payments
as her qualifying income?
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Genworth Underwriting Guidelines
54Partnership Form 1065 with K1
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Genworth Rate Express®
Partnership Form 1065 with K1 55
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LOS Connections
Partnership Form 1065 with K1 56
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Partnership Form 1065 with K1 57
Training Tools and Information
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Training Tools and Information
Partnership Form 1065 with K1 5858
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59Partnership Form 1065 with K1
Additional MI Site Information
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60Partnership Form 1065 with K1
➢ ActionCenter®: 800 444.5664
➢ Your Local Genworth
Regional Underwriter
➢ Your Genworth Sales
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61Partnership Form 1065 with K1
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