Old Hills Tax Page

The table below lists the club and individual tax responsibilities for 2001. Each individual is identified by his PIN number or the last four digits of his social security number. Completed tax forms will be available at the Jan. meeting. Out of town returns will be mailed as soon as they are done.

INSTRUCTIONS FOR ENTRIES ON FORM 1065, SCHEDULE K-1:

Line D (Tax Factor) Each partners percentage of the clubs tax responsibility

Line 4b (Dividend Income) Enter this amount on Form 1040, Sched B, Part II line 5

Line 4d (ST Capital Loss) Enter this amount on Form 1040, Sched D, Col (f) line 5

Line 4e1 (LT Capital Loss) Enter this amount on Form 1040, Sched D, Col (f) line 12

Lines 17 a-h (Foreign Tax Paid) Ignore unless you have other, substantial foreign tax and plan to file Form 1116

Line 19 (Fed Exempt) Enter this amount on Form 1040, line 8b. This amount is exempt from Federal Income tax.

Illinois Schedule K-1-P is for use in determining your share of club income due to the state of Illinois. The amount shown on Line 32 should be included on your Illinois Form 1040, Step 2, line 2. Out of town members may need to get IL 1040, Schedule NR to pay any tax due on income shown in the Exempt column below. Use this link IDR FORMS