Welcome to the US Tax Calculator for the completion of Individual Tax Returns. This tool follows the tax return workflow associated with tax form 1120-SP:, if this Form is not the right approach for your tax return calculation, please use one of our alternate tax calculators. If you are unsure which tax forms and associated online tax calculator to use, try our 'Which Tax Form is right for my Tax Return in?' tool which will help you select the correct tax form to meet your situation/preference.
Please note that this tool is designed to mimic the layout and flows of the associated Federal and State tax forms, as such it is not best suited for mobile phones or small screens, we suggest you use a tablet or desktop to make best use of this tax calculator and use our simplified tax calculator at The Tax Form Calculator
How to use the Tax Calculator
The tax calculator automatically calculates and updates yuour tax returnas you enter specific amounts and select specific criterea within each of the tax forms. You can access specific tax forms by selecting them directly using the navigation tree to the left of the screen or by clicking on the calculator icons within the tax forms adjacent the relevant line on the specific tax form.
To get started, click on the ' 1120-SP: ' folder at the top of the navigation or Start Here
Form 1120-SP: List of Foreign Partner Interests in Partnerships
Part I List of Foreign Partner Interests in Partnerships
Name of partnership
For each partnership interest, is the foreign corporation's distributive share ECI, or treated as ECI, in whole or in part, with a U.S. trade or business determined under section 875 (see instructions)?
Note: If the corporation has more than 4 partnership interests, continue on a separate page. See instructions.
Part II Foreign Partner Income and Expenses: Reconciliation to Schedule K-1 (Form 1065🖩) See instructions if reconciling to Schedule K-1 (Form 1065-B)🖩.
Part III Foreign Partner's Average Outside Basis Under Regulations sections 1.882-5(b) and 1.884-1(d)(3)