Oregon Schedule K-1 - Distributive Share Of Income, Deductions, Credits, Etc. For Individual Owners Of Pass-Through Entities - 2014 Page 2
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1
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3Instructions for Oregon Schedule K-1
For nonresidents—Complete both the federal column (a) and
The Oregon Schedule K-1 is used to provide an individual owner of
a pass-through entity (PTE) with information necessary to complete
the Oregon column (b). The amounts in the federal column (a)
their Oregon income tax return.
are reported as if the owner was a full-year Oregon resident. The
amounts in the Oregon column (b) are the Oregon source portion
PTEs are not required to use or submit this schedule with Oregon
of the item allocated or apportioned to Oregon. Report any tax
Form 65 or Form 20-S. Individual owners are not required to sub-
payments made on the owner’s behalf from the composite return
mit this schedule with their Oregon income tax returns.
on line 21 (Form OC) or any estimated payments made on the
owner’s behalf on line 20 (Form OR-19).
The Oregon Schedule K-1 is not designed to substitute for a fed-
eral Schedule K-1 and is not designed for owners that are corpora-
Domestic production activities deduction (DPAD)—Do not
tions, estates, trusts, or other PTEs.
include domestic production activities information or qualified
production activities income from the federal Schedule K-1 on
Instructions for Pass-Through Entities
line 15 of the federal or Oregon columns. The DPAD add-back is
still required for Oregon, but the amount of the federal deduction
Provide a copy of this form to individual owners for Oregon tax
is calculated by the individual owner using federal Form 8903 with
reporting purposes.
the information provided on the federal Schedule K-1.
Heading—If this is a final or amended K-1, check the appropriate
Column (a)—Federal Column
box. For a PTE filing for a fiscal or short tax year, enter the start
and end date for the K-1.
Lines 1–13—Enter the amounts from the federal Schedule K-1
Part I—Pass-Through Entity (PTE) Information
where appropriate. On line 13, report adjustments owners can
claim on their federal return from line 13 of federal Schedule K-1
Check the box according to how the PTE files: partnership or
(Form 1065) or line 12 of federal Schedule K-1 (Form 1120-S).
S corporation.
Lines 14–18—Enter the owner’s pro rata share for each addition
Part II—Owner Information
and subtraction.
Owner’s SSN—Enter the owner’s Social Security number.
Column (b)—Pro rata share of Oregon source items
Owner’s name, address, city, state and ZIP code—Enter the
For the Oregon amounts, you generally will multiply the owner’s
owner’s full name, street address, city, state and zip code.
Oregon percentage by the owner’s pro rata share in the federal
column. Do not use lines 1–18 of the Oregon column (b) for full-
Owner’s member type—Check the proper box to show if the
year residents.
owner is a general partner, LLC member manager, limited partner
or other LLC member, or shareholder.
Lines 1–13—Enter the owner’s pro rata share of income appor-
tioned and allocated to Oregon. Enter losses and adjustments in
Oregon residency—Check the appropriate box. If the owner is a
parentheses.
nonresident, indicate the state of legal residence.
Lines 14–18—Enter the owner’s pro rata share of Oregon additions
Nonresident owners—If the owner is a nonresident, check the
and subtractions. Enter all amounts as positive.
appropriate box regarding the PTE’s requirements for this owner.
If the owner joined a composite return (Form OC) filed by the PTE,
Line 19—Enter the owner’s share of Oregon credits.
mark the Form OC checkbox and complete line 21 in Part III. If the
nonresident owner did not join the Form OC, the PTE is generally
Line 20—For nonresidents only, enter the total estimated tax pay-
required to submit estimated payments (PTE owner payments—
ments submitted on behalf of the owner as reported on Form OR-19.
Form OR-19). If the PTE made PTE owner payments on behalf
Line 21—For nonresidents only, enter the tax paid on behalf of the
of the owner, mark the Form OR-19 checkbox and complete line
owner from Form OC.
20 in Part III. If payments weren’t submitted because the owner
submitted an affidavit, mark the Affidavit checkbox. If the PTE
For other income, adjustments, additions, subtractions, and
was not required to submit payments for this owner, mark the not
credits, attach a separate schedule listing each item. Include the
required checkbox.
codes for individual income taxpayers. For the codes, see the list
at the end of 2014 Publication 171/2 and the instructions regarding
For more information on these requirements, see the Form OR-19
partnership and S corporation modifications and credits. You may
or Form OC instructions.
use Schedule OR-ASC for resident owners or OR-ASC-N/P for
Owner’s share of profit and loss/stock ownership—Enter the
nonresident owners to list the codes and amounts for each owner.
owner’s beginning and ending pro rata share percentage of profit
Instructions for individual owners
and loss, or stock ownership.
Part III—Distributive Share Items
Use the information provided to complete your Oregon return if
you are required to file. Do not attach the Oregon Schedule K-1
Enter the Oregon apportionment percentage for the PTE. If all
to your individual return. Keep the schedule with your tax records.
business was transacted within Oregon, enter 100%. Otherwise,
Losses may only be claimed to the extent that they are included
enter the amount from Schedule AP-1, line 22.
in federal adjusted gross income.
For Oregon residents—Complete lines 1-18 of the federal column
Nonresident individuals—If required to file, report the amounts on
(a) and line 19, column (b). You will not use lines 1-18 of the Oregon
the lines of your Form 40N as indicated in column (c). The amounts
column (b) for Oregon residents.
in column (a) should be included on your federal return which
should match the federal column of Form 40N. Enter the amounts
150-101-002 (Rev. 12-14)
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