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Federal Free Printable Schedule Q (Form 1066) (Rev. September 2018) for 2020 Federal Quarterly Notice to Residual Interest Holder of REMIC Taxable Income or Net Loss Allocation

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Quarterly Notice to Residual Interest Holder of REMIC Taxable Income or Net Loss Allocation
Schedule Q (Form 1066) (Rev. September 2018)

SCHEDULE Q (Form 1066) (Rev. September 2018) Quarterly Notice to Residual Interest Holder of REMIC Taxable Income or Net Loss Allocation For calendar quarter ended ▶ Department of the Treasury Internal Revenue Service OMB No. 1545-0123 , 20 Go to www.irs.gov/Form1066 for the latest information. ▶ See Instructions for Residual Interest Holder on page 2. Residual interest holder’s identifying number REMIC’s identifying number Residual interest holder’s name, address, and ZIP code REMIC’s name, address, and ZIP code A What type of entity is this residual interest holder? See the Instructions for Form 1066. ▶ B Enter residual interest holder’s percentage of ownership of all residual interests: % 1 Before change ▶ % 2 End of quarter ▶ C Enter the percentage of the REMIC’s assets for the quarter represented by each of the following: % 1 Real estate assets under section 856(c)(5)(B) ▶ 2 Assets described in section 7701(a)(19)(C) (relating to the definition of a domestic building and loan association) ▶ % D Internal Revenue Service Center where REMIC files return ▶ E Check applicable boxes: (1) Final Schedule Q (2) Amended Schedule Q F Reconciliation of residual interest holder’s capital account (a) Capital account at beginning of quarter (b) Capital contributed during quarter (c) Taxable income (net loss) from line 1b below (d) Nontaxable income (f) Withdrawals and distributions (e) Unallowable deductions (g) Capital account at end of quarter (combine cols. (a) through (f)) ( )( ) Caution: See Instructions for Residual Interest Holder on page 2 before entering information from this schedule on your tax return. 1a Taxable income (net loss) of the REMIC for the calendar quarter . . . b Your share of the taxable income (net loss) for the calendar quarter . . 1a . . . . . 1b b Sum of the daily accruals under section 860E for your interest for the calendar quarter . . . . 2b Excess inclusion for the calendar quarter for your residual interest (subtract line 2b from line 1b, but don’t enter less than zero) . . . . . . . . . . . . . . . . . . . . . . . 2c 2a c 3 Sum of the daily accruals under section 860E for all residual interests for the calendar quarter . . . . . . . . . . . . . . . . . . . . 2a Residual interest holders who are individuals or other pass-through interest holders (see the Instructions for Form 1066). Not required to be completed for other entities. a Section 212 expenses of the REMIC for the calendar quarter . . . . 3a b Your share of section 212 expenses for the calendar quarter. If you’re an individual, this amount must be included in gross income in addition to the amount shown on line 1b . . . . . . . For Paperwork Reduction Act Notice, see the Instructions for Form 1066. Cat. No. 64167S 3b Schedule Q (Form 1066) (Rev. 9-2018) Page 2 Schedule Q (Form 1066) (Rev. 9-2018) Instructions for Residual Interest Holder Section references are to the Internal Revenue Code unless otherwise noted. Future Developments For the latest information about developments related to Schedule Q and its instructions, such as legislation enacted after they were published, go to www.irs.gov/Form1066. What’s New Beginning January 1, 2018, section 212 expenses can’t be deducted as a miscellaneous itemized deduction by individuals who itemize deductions because the Tax Cuts and Jobs Act suspended miscellaneous itemized deductions for tax years 2018 through 2025. Purpose of Schedule The real estate mortgage investment conduit (REMIC) uses Schedule Q to notify you of your share of the REMIC’s quarterly taxable income (or net loss), the excess inclusion with respect to your interest, and your share of the REMIC’s section 212 expenses for the quarter. Keep your copy of this schedule for your records. Don’t file it with your tax return. Tax treatment of REMIC items. The REMIC isn’t subject to income tax, except on net income from prohibited transactions, net income from foreclosure property, and contributions made after the startup day. However, you’re liable for tax on your share of the REMIC’s taxable income, whether or not distributed, and you must include your share on your income tax return. Generally, you must report REMIC items shown on your Schedule Q (and any attached schedules) or similar statement consistent with the way the REMIC treated the items on the return it filed. If your treatment on your original return is (or may be) inconsistent with the REMIC’s treatment, or if the REMIC was required to file but hasn’t filed a return, you must file Form 8082, Notice of Inconsistent Treatment or Administrative Adjustment Request (AAR), with your original return to identify and explain the inconsistency (or to note that a REMIC return hasn’t been filed). See sections 860F(e) and 6222 for the inconsistent treatment rules. Errors. If you believe the REMIC has made an error on your Schedule Q, notify the REMIC and ask for a corrected Schedule Q. Don’t change any items on your copy. Be sure that the REMIC sends a copy of the corrected Schedule Q to the IRS. If you’re unable to reach an agreement with the REMIC about the inconsistency, you must file Form 8082 as explained in the preceding paragraph. Limitation on losses. Generally, you may not claim your share of the quarterly net loss from a REMIC that is greater than the adjusted basis of your residual interest in the REMIC at the end of the calendar quarter (determined without regard to your share of the net loss of the REMIC for that quarter). Any loss disallowed because it exceeds your adjusted basis is treated as incurred by the REMIC in the following quarter, but only for the purpose of offsetting your share of REMIC taxable income for that quarter. The following items increase your basis. • Money and your adjusted basis in property contributed to the REMIC. • Your share of the REMIC’s taxable income. • Any income reported under section 860F(b)(1)(C)(ii). The following items decrease your basis. • Money and the fair market value of property distributed to you. • Your share of the REMIC’s losses. • Any deduction claimed under section 860F(b)(1)(D)(ii). Passive activity limitations under section 469. Amounts includible in income (or deductible as a loss) by a residual interest holder are treated as portfolio income (loss). Such income (or loss) isn’t taken into account in determining the loss from a passive activity under section 469. Excise taxes on excess inclusions of REMIC residual interests. Use Form 8831, Excise Taxes on Excess Inclusions of REMIC Residual Interests, to report and pay the: • Excise tax due under section 860E(e)(1) if you transferred a residual interest in a REMIC to a disqualified organization, • Amount due under Regulations section 1.860E-2(a)(7)(ii) if the tax under section 860E(e)(1) is to be waived, or • Excise tax due under section 860E(e)(6) if the residual interest holder is a pass-through entity with interests held by a disqualified organization. See Form 8831 for more details and for definitions of “disqualified organization” and “pass-through entity.” Specific Instructions Item C—REMIC assets. This information is provided only for the use of a residual interest holder such as a real estate investment trust or domestic building and loan association that needs to know the composition of the REMIC’s underlying assets. Calendar Year Taxpayers and Fiscal Year Taxpayers Whose Tax Years End With a Calendar Quarter Line 1b—Your share of the taxable income (net loss) for the calendar quarter. If you’re an individual, you must report, as ordinary income or loss, the total of the amounts shown on line 1b of Schedule Q for each quarter included in your tax year. You report the total on Schedule E (Form 1040), Part IV, column (d), after applying any basis limitations. If you aren’t an individual, report the amounts as instructed on your tax return. Line 2c—Excess inclusion for the calendar quarter for your residual interest. The total of the amounts shown on line 2c for all quarters included in your tax year is the smallest amount you may report for that year as your taxable income or, if applicable, alternative minimum taxable income (AMTI). Except where necessary or appropriate to prevent avoidance of federal income tax, the preceding sentence doesn’t apply to a financial institution entitled to relief under section 1616(c)(4) of the Small Business Job Protection Act of 1996, Pub. Law No. 104-188, 110 Stat. 1755 (August 20, 1996) (the Act). That provision generally allows certain financial institutions to continue using the rules of section 860E(a)(2) prior to its amendment by the Act. (Special rules apply to members of affiliated groups filing consolidated returns and to which section 1616(c)(4) of the Act applies. See sections 860E(a)(3) and (4) prior to their amendment by the Act.) The line 2c amount is treated as “unrelated business taxable income” if you’re an exempt organization subject to the unrelated business tax under section 511. If you’re an individual, enter this amount as an item of information on Schedule E (Form 1040), Part IV, column (c). If you must also report this amount as your taxable income (or AMTI), enter the amount shown on line 2c on the taxable income (or AMTI) line of your return and write “Sch. Q” on the dotted line to the left of the entry space. Line 3b—Your share of section 212 expenses for the calendar quarter. If you’re an individual or other pass-through interest holder (as defined in Temporary Regulations section 1.67-3T), you must report as ordinary income the total of the amounts shown on line 3b of Schedule Q for each quarter included in your tax year. This amount must be reported in addition to your share of taxable income (net loss) determined above. If you’re an individual, report this total on Schedule E (Form 1040), Part IV, column (e). If you aren’t an individual, report the amounts as instructed on your tax return. Fiscal Year Taxpayers Whose Tax Years Don’t End With a Calendar Quarter The same rules explained above for calendar year taxpayers apply, except that you must figure the amount to report from lines 1b, 2c, and 3b based on your tax year. For each calendar quarter that overlaps the beginning or end of your tax year, divide the amount shown on line 1a, 2a, or 3a (whichever is applicable) by the number of days in that quarter. Multiply the result by your percentage of ownership of all residual interests for each day of your tax year included in that quarter. Line 1b. Total the daily amounts of taxable income (net loss) for the overlapping quarters. Add these amounts to the amounts shown on line 1b for the full quarters included in your tax year. Report the resulting income or loss in the same manner as explained above for calendar year taxpayers. Line 2c. Total the daily amounts for the overlapping quarters. Subtract this total from your share of the taxable income for the part of the quarter included in your tax year, as previously figured. Add the resulting amounts for the overlapping quarters to the amounts shown on line 2c for the full quarters included in your tax year and report it in the same manner as explained above for calendar year taxpayers. Line 3b. Total the daily amounts of section 212 expenses for the overlapping quarters. Add these amounts to the amounts shown on line 3b for the full quarters included in your tax year. Report the resulting amount in the same manner as explained above for calendar year taxpayers.
Extracted from PDF file 2019-federal-1066-schedule-q.pdf, last modified October 2018

More about the Federal 1066 (Schedule Q) Corporate Income Tax TY 2019

We last updated the Quarterly Notice to Residual Interest Holder of REMIC Taxable Income or Net Loss Allocation in February 2020, so this is the latest version of 1066 (Schedule Q), fully updated for tax year 2019. You can download or print current or past-year PDFs of 1066 (Schedule Q) directly from TaxFormFinder. You can print other Federal tax forms here.

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Form Sources:

The Internal Revenue Service usually releases income tax forms for the current tax year between October and January, although changes to some forms can come even later. We last updated Federal 1066 (Schedule Q) from the Internal Revenue Service in February 2020.

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About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Federal 1066 (Schedule Q)

We have a total of eight past-year versions of 1066 (Schedule Q) in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 1066 (Schedule Q)

Schedule Q (Form 1066) (Rev. September 2018)

2017 1066 (Schedule Q)

Form 1066 (Schedule Q) (Rev. December 2016)

2016 1066 (Schedule Q)

Form 1066 (Schedule Q) (Rev. December 2016)

Quarterly Notice to Residual Interest Holder of REMIC Taxable Income or Net Loss Allocation 2015 1066 (Schedule Q)

Form 1066 (Schedule Q) (Rev. December 2013)

Quarterly Notice to Residual Interest Holder of REMIC Taxable Income or Net Loss Allocation 2013 1066 (Schedule Q)

Form 1066 (Schedule Q) (Rev. December 2013)

Quaterly Notice to Residual Interest Holder of REMIC Taxable Income or Net Loss Allocation 2012 1066 (Schedule Q)

Form 1066 (Schedule Q) (Rev. December 2008)

Quaterly Notice to Residual Interest Holder of REMIC Taxable Income or Net Loss Allocation 2011 1066 (Schedule Q)

Form 1066 (Schedule Q) (Rev. December 2008)


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