partnership income form 1065 with k-1 · form 1065 / partnership return • five pages long •...
TRANSCRIPT
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Tax Return Review-Partnership Income Form 1065 with K1
October 2019
©2019 Genworth Financial, Inc. All rights reserved.
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Objective
Understand the meaning of “Self Employed”Learn to use Fannie Mae’s Form 1084 to calculate supportable income 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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Training Tools and Information
Partnership Form 1065 with K1 4
new.mi.Genworth.com
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Training Tools and Information
5Partnership Form 1065 with K1
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Fannie Mae’s 1084
Partnership Form 1065 with K16
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Partnership Form 1065 with K1
The Case Study…• Debbie is a Designer
• She is a 35% member of an LLC
• Her reported taxable Income is a small amount of interest, Alimony and a K1 from Dallas Designers LLC
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Partnership Form 1065 with K1
The 1040:Review for
– Identifiers• Name• Address• Social Security Number
– All pages and schedules– Any Red Flags– Date
• Most recent– Signatures
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Access Your Quick Reference Guide 1084 Form and the Case Study
Calculator and Quick Reference Guide
9Partnership Form 1065 with K1
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Form 1040Review for:
– Wages are now reported on line 1
10Partnership Form 1065 with K1
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Form 1040Review for:
– Wages are now reported on line 1– Review Line 6
• Is there a Schedule 1?
11Partnership Form 1065 with K1
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Schedule 1
12Partnership Form 1065 with K1
Are You Using Alimony To Qualify? Is It Regular And Reoccurring?
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Schedule 1
13Partnership Form 1065 with K1
Let’s look at the E…
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Schedule E to Validate Ownership
14Partnership Form 1065 with K1
Please Note - There Is No Page 1 Of Schedule E In This Example
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Schedule E to Validate Ownership
15Partnership Form 1065 with K1
This indicates there is a 1065 K1
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1065 K-1
16Partnership Form 1065 with K1
Debbie is 35% owner
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17
1065 Partnership
Line 22 Ordinary Income/Loss $_________
K-1%
Line 1 Ordinary Income/Loss $_________
Schedule E page 2
Part II1040
Schedule 1
Line 17 Net Income/Loss Sch.E
$_________
Taxed at a personal rate
Partnership Form 1065 with K1
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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 K118
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Check for trends or changes– Gross receipts – Cost of Goods Sold– Gross Profit – Bottom line “Ordinary Income”
Note:– Guaranteed Payments can be
found on Line 10– This is compensation paid to the
owners and has nothing to do with distributions
Partnership 1065
Partnership Form 1065 with K1 19
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20
1065 Partnership
Line 22 Ordinary Income/Loss $_________
K-1%
Line 1 Ordinary Income/Loss $_________
Schedule E page 2
Part II1040
Schedule 1
Line 17 Net Income/Loss Sch.E
$_________
Taxed at a personal rate
Partnership Form 1065 with K1
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Partnership K-1
Partnership Form 1065 with K121 21
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22
1065 Partnership
Line 22 Ordinary Income/Loss $_________
K-1%
Line 1 Ordinary Income/Loss $_________
Schedule E page 2
Part II1040
Schedule 1
Line 17 Net Income/Loss Sch.E
$_________
Taxed at a personal rate
Partnership Form 1065 with K1
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Review Schedule E
Partnership Form 1065 with K123
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24
1065 Partnership
Line 22 Ordinary Income/Loss $_________
K-1%
Line 1 Ordinary Income/Loss $_________
Schedule E page 2
Part II1040
Schedule 1
Line 17 Net Income/Loss Sch.E
$_________
Taxed at a personal rate
Partnership Form 1065 with K1
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Income Analysis Form 1084, Section 7
Partnership Form 1065 with K1
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 as Rental Income.
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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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27Partnership 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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Analyzing K1’s and Business Returns
29Partnership Form 1065 with K1
Fannie Mae 2019 Selling Guide B3-3.3-07, Income Or Loss Reported On IRS Form 1065 Or 1120S, Schedule K1 (06/28/2016)
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Balance Sheet
30Partnership Form 1065 with K1
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Liquidity
31
Generally Accepted Accounting Principles
Partnership Form 1065 with K1
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Generally Accepted Accounting Principles
Liquidity - Current Ratio
32Partnership Form 1065 with K1
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Balance Sheet
33Partnership Form 1065 with K1
(Cash #1 + Acct Receivable #2 + #4+ #5 +Other Current Assets #6)(Acct Pay. #15 + MNB #16 + Other Current Liabilities #17)
Quick Ratio or Acid Test
Current Assets:Current Liabilities:
Current Assets:
Current Liabilities:
$765 + 0 + 0 +0+0 = $208,105
$0 + $0+ $3,800 = $45,844
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Generally Accepted Accounting Principles
Liquidity
34Partnership Form 1065 with K1
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Access your Cash Flow Quick Reference Guide Form - page two
Calculator and Quick Reference Guide
35Partnership Form 1065 with K1
Note - The Requirement To Evidence Access To Income Has Since Been Removed By Fannie Mae
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Partnership K-1
Partnership Form 1065 with K136 36
Can We Use Ordinary Income/Rental Income From K-1? Was There A Distribution? Was Liquidity Verified?
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Fannie Mae Selling Guide
37Partnership Form 1065 with K1
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Less Than 25% Ownership
38Partnership Form 1065 with K1
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Partnership K1
39Partnership Form 1065 with K1
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Rental Income - Partnership or S Corp
40Partnership Form 1065 with K1
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Fannie Mae Form 1039
42Partnership Form 1065 with K1
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Partnership K-1
43Partnership Form 1065 with K1
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Partnership K-1
Partnership Form 1065 with K144 44
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Partnership K-1
45Partnership Form 1065 with K1
Before you give credit for the Guaranteed Payments, does this business appear to be capable of paying it in the future?
Could we look at the Balance Sheet again?
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Income Analysis Form 1084 - Section 8
46Partnership Form 1065 with K1
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Income Analysis Form 1084 - Section 8
Partnership Form 1065 with K1 47
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Income Analysis Form 1084 - Section 8
Partnership Form 1065 with K1 48
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Income Analysis Form 1084 - Section 8
Partnership Form 1065 with K1 49
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Income Analysis Form 1084 - Section 8
Partnership Form 1065 with K1 50
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Income Analysis Form 1084 - Section 8
The statement must be reviewed to determine if “other deductions” includes amortization and/or casualty losses. None have been identified in this return.
Partnership Form 1065 with K1 51
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Income Analysis Form 1084 - Section 8
52Partnership Form 1065 with K1
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Income Analysis Form 1084 - Section 8
Partnership Form 1065 with K1 53
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Income Analysis Form 1084 - Section 8
Partnership Form 1065 with K1 54
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Income Analysis Form 1084 - Section 8
Partnership Form 1065 with K1 55
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% of Ownership
Partnership Form 1065 with K1 56
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1065 Summary
Partnership Form 1065 with K1 57
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Self-Employment Fannie Mae
58Partnership Form 1065 with K1
Fannie Mae 2018 Selling Guide B3-3.2-01, Underwriting Factors And Documentation For A Self-Employed Borrower (12/04/2018)
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Form 1088 Trend Analysis
59Partnership Form 1065 with K1
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Genworth Rate Express®
Partnership Form 1065 with K1 60
mi.genworth.com
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Genworth Underwriting Guidelines
Partnership Form 1065 with K1 61
mi.genworth.com
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Partnership Form 1065 with K1 62
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Partnership Form 1065 with K1 63
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Partnership Form 1065 with K1 64
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Partnership Form 1065 with K1 65
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Partnership Form 1065 with K1 66
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Partnership Form 1065 with K1 67