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If partnerships are pass-thru entities, then what are Form 1065 Lines 24 - 32 all about?
My understanding is that each partner reports the partnership's financial information, per agreed allocation, onto each of their personal tax returns.
However, I noticed Lines 24-32 on Form 1065 that ultimately render an "amount owed" (Line 31) or "overpayment" (Line 32) which is at the partnership level.
An explanation would be appreciated!
‎September 6, 2024
5:44 PM