Internal Revenue Service United States Department of the Treasury
Level Basic Advanced Military International

Schedules K-1 and Rental Income Workout

Workout Resources

Publication 4491 Schedules K-1 and Rental Income

Depending on your certification path, this lesson will provide links to resource materials and practice covering the reporting of:

  • Certain income from Schedules K-1 (Form 1041, Form 1065, and Form 1120S). Only volunteers who certify at the Advanced level are permitted to prepare a Schedule E with Schedule K-1 income items identified in this lesson or Form 1099-MISC, Box 2, Royalties, with no associated expenses (for volunteers with an Advanced certification).
  • Rental income and expenses are in scope only for Military families renting their personal residence.

Begin this lesson by reviewing the Income – Schedules K-1 and Rental lesson from Publication 4491.

Use your resource materials to apply what you have learned:

  • Identify Schedule K-1 income items that are within the scope of the VITA/TCE programs
  • Determine how to report Schedule K-1 income items
  • For volunteers with a Military certification, you will be able to:
    • Determine which types of rental income must be reported
    • Identify how to report rental expenses
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