For the latest information about developments related to Schedule K-1 (Form 1065) and the Partner's Instructions for Schedule K-1 (Form 1065), such as legislation enacted after they were published, go to www.irs.gov/form1065.
Schedule K-1 (Form 1065). New code Y has been added to box 20 of Schedule K-1. Code Y is used to report information related to the net investment income tax. Former code Y (Other information) is now code Z.
Regulations section 1.1411–10(g) election. If an election has not already been made, you may elect to include section 951 inclusions and section 1293 inclusions in net investment income for purposes of section 1411 in the same taxable year as the amounts are included in income for chapter 1 purposes. As applicable, for more information, see the Instructions for Form 8960 (partners that are individuals, estates, or trusts), Instructions for Form 1065 (partners that are partnerships), or Instructions for Form 1120S (partners that are S corporations).
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