Instructions For Pa20s/pa-65 Schedule Rk-1

includes total of Pennsylvania-source

65 Schedule RK-1. Fill in one oval

Important.

See PA-20S/PA-

only.

and outside Pennsylvania income

65 Schedule OC instructions

Fiscal Year

(loss). If reporting a loss on Lines 4,

for which credits must be applied to

5 and/or 7, fill in the oval.

If the PA S corporation, partnership

corporate tax liability prior to being

or limited liability company filing as a

passed through to the entity’s

Note.

The PA S corporation

partnership or PA S corporation for

owners.

federal income tax purposes does not

includes distributions to

file on a calendar-year basis, fill in

Pennsylvania resident shareholders

fiscal-year oval. Enter the month,

from its PA C corporation earnings

Part IV

day and year (MMDDYY) when the

and profits as taxable dividend

fiscal year begins and ends.

income on the PA-20S/PA-65 RK-1,

Distributions from

Part II, Line 3.

Partnerships

Short Year

Non corporate shareholders and

A short year is an accounting period

partners should use amounts from

Part III

shorter than one year and not a

PA-20S/PA-65 Schedule RK-1, Part

52/53 week taxable year.

Owner’s Share of

IV through Part VII (other than Line

A short-year return is required for

Pennsylvania Credits

12 and Line 17) to determine or

the following reasons:

calculate owner’s basis. Partners

Enter the owner’s pro rata

●

Changes in the annual accounting

include Line 12 in net classified

distributive share of the separately

period. For example, the entity

income on their Pennsylvania tax

stated credits that the PA S

changes from a fiscal-year filer to a

returns.

corporation or partnership passes

calendar-year filer; or

through to the owners from the PA-

●

An entity is in existence during

Line 10

20S/PA-65 Information Return.

only part of the tax year. For

Distribution of Cash,

example, if the year is the initial year

Line 8

or the entity sells or exchanges 50

Marketable Securities and

Resident Credit - Submit

percent or more of ownership

Property Not Including

interest.

Statement

Guaranteed Payments

See the PA-20S/PA-65

Enter the Pennsylvania resident

Enter the partner’s share of

instructions on how to file a short-

owner’s pro rata distributive share of

distribution of cash, marketable

year return.

credit calculated from composite

securities and property, other than

returns filed by the PA S corporation

guaranteed payments.

or partnership on behalf of resident

Line Instructions

With respect to liquidating

owners. Submit a statement with the

property distributions, this line will

PA-20S/PA-65 RK-1 to notify the

include the total of cash and the fair

Part II

owner of the breakdown of states,

market value of marketable

breakdown by Pennsylvania income

Owner’s Distributive

securities and property distributed to

class, taxes paid to those states and

the Pennsylvania resident partner.

Share of Pennsylvania-

the resident credit claimed, which is

The partner reduces his basis in

Source Income (Loss)

the lessor of the actual tax paid or

the partnership by amount of

3.07 percent of the total income

distributions. If the distribution

taxed in the other state.

Line 1

amount is in excess of basis it must

The statement must include the

be reported on the resident partner’s

Pennsylvania-Taxable

entity’s name, entity’s federal

return as taxable gain on PA-20S/PA-

Business Income (Loss)

employer identification number, tax

65 Schedule D.

from Operations

year, owner name(s) and owner tax

identification number(s).

Enter the owner’s pro-rata

Line 11

distributive share from the PA-

Line 9

Guaranteed Payments for

20S/PA-65 Information Return, Line

Capital or Other Services

1e. The entity must report the

Total Other Credits - Submit

owner’s share of income (loss)

Enter the partner’s share of

Statement

whether distributed or not. If

guaranteed payments for capital or

Enter the owner’s pro rata share

reporting a loss fill in the oval.

other services.

from the PA-20S/PA-65 Information

Pennsylvania personal income tax

Return, Line 13a. The entity must

Guaranteed payments should

rules classify distributions of

provide the owner with a statement

not be included on Line 1 of

guaranteed payments for capital or

listing which credit(s) have been

the PA-20S/PA-65

other services as follows:

passed through to them. When

Schedule RK-1.

●

A withdrawal proportionately from

applicable, Line 9 includes credits for

the capital of all partners;

PA S corporations treated as C

Lines 2 through 7

●

A gain from the disposition of the

corporations in other states.

recipient’s partnership interest and a

Enter the owner’s pro rata

The statement must include the

loss from the disposition of the other

distributive share of the separately

entity’s name, entity’s federal

partners’ partnership interests, to the

stated items of other Pennsylvania-

employer identification number, tax

extent derived from the capital of the

taxable income (loss) from the PA-

year, owner name(s), and owner tax

other partners; and

20S/PA-65 Information Return.

identification number(s).

●

A return of capital by the

Pennsylvania-taxable income

Instructions For Pa20s/pa-65 Schedule Rk-1 - 2013 Page 4

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