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Form W-2AS for Austin Texas: What You Should Know

Box 14 does not include gifts by the partner for services not undertaken by the partner when the partnership was formed, but only gifts given on or after June 7, 1971. Box 14 includes: Contributions to the partnership; Gifts of shareholdings from prior years to the partnership (for shareholdings held on that day the partners could have sold the shares); and gifts of other things not normally used by an LLC to which the trust would correspond. Box 14 can be used to deduct charitable donations to a trust held by the partnership, or the trust can be deducted on its own, or any amount received, or any gain or loss realized, on an investment held by the trust can be deducted against the business losses imposed in the trust. The box can be used to deduct charitable contributions above the amount allowed to donors (and to avoid double taxation) if the deduction will fully cover the tax obligation. For example, a partnership's total income for the year of 30,000, plus 1,500 for an individual, equals 45,000. It is a 50% deduction on the 1,500 amounts so the partner's charitable contributions are not deducted. He pays 10,000 in taxes, and he will have an additional 1,000 refunded to him when the partnership's income is reduced by the 10,000. The partnership's income is reduced by 5,000, so the amount of the deduction is 5,000 minus the deduction of 5,000 from the partnership's taxes and the partnership income is reduced by 5,000, so the amount of the deduction is 3,000. The partnership also has income of 18,000 and 8,000 for corporate taxable income and 12,000 for sales, so the partnership's liability to the IRS is reduced by 3,000, leaving the partnership's liability to the IRS at 9,000. If the business income is reduced by 12,000, 6,000 of the partnership's taxable income will be allowed as a charitable deduction, leaving the partnership's liability the same. For more information on the limitations on charitable deductions, see Form 707. For more information see the IRS guidance at  Form 953 — Return of Foreign Partnership Income The tax return must be filed by the tax-filing deadline for their tax year to receive the credit.

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