Where exactly do you record your refunds on the 1065? Is it line 1b (returns and allowances), or is it supposed to go somewhere else?

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Where exactly do you record your refunds on the 1065? Is it line 1b (returns and allowances), or is it supposed to go somewhere else?

Where exactly do you record your refunds on the 1065?

Line 1b, particularly if you maintain an inventory.

Where exactly do you record your refunds on the 1065? Is it line 1b (returns and allowances), or is it supposed to go somewhere else?

"Returns and Allowances" is for refunds that you give back to clients/vendors/customers.

Where exactly do you record your refunds on the 1065? Is it line 1b (returns and allowances), or is it supposed to go somewhere else?

Or, specifically:

A sales return is a cash or credit refund you gave to customers who returned defective, damaged, or unwanted products. A sales allowance is a reduction in the selling price of products, instead of a cash or credit refund.

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Where exactly do you record your refunds on the 1065? Is it line 1b (returns and allowances), or is it supposed to go somewhere else?

Where exactly do you record your refunds on the 1065? Is it line 1b (returns and allowances), or is it supposed to go somewhere else?

Where exactly do you record your refunds on the 1065? Is it line 1b (returns and allowances), or is it supposed to go somewhere else?

Where exactly do you record your refunds on the 1065? Is it line 1b (returns and allowances), or is it supposed to go somewhere else?

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Where exactly do you record your refunds on the 1065? Is it line 1b (returns and allowances), or is it supposed to go somewhere else?

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Where exactly do you record your refunds on the 1065? Is it line 1b (returns and allowances), or is it supposed to go somewhere else?

Where exactly do you record your refunds on the 1065? Is it line 1b (returns and allowances), or is it supposed to go somewhere else?

Where exactly do you record your refunds on the 1065? Is it line 1b (returns and allowances), or is it supposed to go somewhere else?

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