![]() If you have any questions or need assistance for filling out the K-1, the S corp K-1 instructions can provide step-by-step guidance. Part III - Shareholders share - This section will break down the shareholder's specific deductions, credits, income, and other items.Part II - Shareholder - This section will have the basic information about the shareholder as well as the nature of her investment in the company and the percent of stock she had during the tax year.Part I - Corporation information - In this section the basic information concerning the corporation such as name, address, and tax ID number will be entered.The Schedule K-1 consists of three primary parts including: There are some entries that will have to be entered in other sections depending on how the filer is treating the deductions, income, or credits items. To input this information on the corporate return, you will specifically follow the K-1 input menu that is available on the tax program.Īll amounts will be entered separately where they will then pull into the appropriate section of the filer's 1040 form. The K-1 will notify the shareholder of all the deductions, credits, and income that he will be required to include on his 1040 personal tax return. ![]() ![]() A Schedule K-1 (Form 1120S) is a document prepared for a corporate tax return filing which will help each shareholder of the company prepare his or her personal taxes.
0 Comments
Leave a Reply. |