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KS online Form 5471: What You Should Know

Effective Jan. 31, 2009. The IRS is revising its Notice of Federal Tax Convention (Form 5471) to make it more accessible for taxpayers throughout the country. The revised form is now available to taxpayers in English, Spanish and Vietnamese, and is now called the Kansas Revised Form. If you are filing the original Kansas Revised Form of Form 5471, it is important to keep the instructions you use for your first filing consistent with the revised form. Read the instructions carefully and compare them to the instructions in each version, so you know what version to use next time you file your tax return. The only exception to this rule is a single amended Form 5471. This single amended Form 5471 is NOT the same form as any other Kansas Revised Form. Keep these two copies of the Kansas Revised Form and file your first Form 5471 for that filing year separately. A, E,I, M, Q, R (A is Form 45) A: If you are filing form 5471, A is for the business (enter “F” if business). For business income you do not have to include any additional itemized deductions under section 151 of the IRS code because of your business activities: you can itemize only if you itemize deductions for business expense under section 151 (See the list of sections at line 12) and only if the deduction is at least 600, and you have income from sources before the U.S. from sales of tangible personal property (including real property) or business services. You and your spouse must complete “Qualified Domestic Partnerships and Limited Liability Companies” on line 5a under the itemized deduction section of form 5471. Q: Q: If your taxable income does not exceed the limits set forth in section 1402 and you are filing forms 5471, 5472, 5486A, 5486B, 5488, 5489A, 5489B, 5636, or 5482 to report the income of your spouse or someone in a qualifying relationship, complete a separate 1040 line and attach the required Schedule K-1 (Form 1040) to your tax return as described under line 15. B: If you are filing a Form 5471 to report your income from sales of tangible personal property (including real property) or business services you should also complete the Schedule K-1 (Form 1040) as described under line 15. See the instructions to section 5632. K.Q. F.S.

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