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This document is a tax return form for S corporations in the State of Hawaii for the tax year 2002. It includes sections for income, deductions, tax payments, and other related financial information

How to fill out 2002 s corporation income

How to fill out 2002 S CORPORATION INCOME TAX RETURN

1. Gather all necessary financial records for the year 2002 including income statements, balance sheets, and deductions.
2. Obtain the form 1120S, which is the S Corporation Income Tax Return for 2002.
3. Fill out Part I of the form to report income, including gross receipts and cost of goods sold.
4. Complete Schedule B to provide additional information about the corporation.
5. Fill out Part II to report deductions, such as operating expenses, salaries, and other relevant costs.
6. Complete Schedule K to summarize the income, deductions, and credits that will be passed through to shareholders.
7. Fill out Schedule L to report the corporation's balance sheets as of the beginning and end of the year.
8. Have the shareholders sign on the form, acknowledging the distribution of income or losses.
9. Submit the completed form 1120S to the IRS by the due date for tax filings.

Who needs 2002 S CORPORATION INCOME TAX RETURN?

1. Any corporation that has elected S Corporation status and meets the requirements for filing an S Corporation tax return for the year 2002.
2. Shareholders of an S Corporation that need to report their share of income, deductions, and credits on their personal tax returns.

People Also Ask about

Does S-corp file 1120 or 1065?

A domestic corporation must file Form 1120, U.S. Corporation Income Tax Return, whether it has taxable income or not, unless it's exempt from filing under section 501. A domestic corporation that is an S corporation must file Form 1120-S, U.S. Income Tax Return for an S corporation.

How do I report foreign taxes on 1120S?

How to enter foreign taxes paid on form 1120S in ProConnect Tax Go to Input Return ⮕ Schedule K ⮕ Other Schedule K Items. Scroll down to the Items Affecting Shareholder Basis section. Enter the amount of Foreign taxes paid or accrued.

Can an S corp take a foreign tax credit?

Foreign Income of S Corporation However, an S corporation is not eligible for the foreign tax credit for taxes paid by a foreign corporation in which it is a shareholder, and, thus, those taxes do not pass through to the S corporation's shareholders.

How to report built-in gains tax on 1120s?

The built-in gain tax attributable to ordinary income property is deducted on the Taxes and licenses line on Form 1120-S, Page 1. The built-in gain tax attributable to short-term or long-term capital gain property is reported on Schedule D as a subtraction from the total short-term or long-term capital gain.

Can an S-corp deduct foreign income taxes?

For purposes of most foreign income, an S corporation is treated as a partnership, and its shareholders are treated as partners ( Code Sec. 1373). Thus, foreign taxes paid by the corporation pass through as such to the shareholders, who can elect to treat them as deductions or credits on their income tax returns.

What taxes are deductible for an S corp?

And ing to the IRS, S corp owners can also deduct a corresponding percentage of expenses such as rent or mortgage interest, utilities, business-related phone expenses, insurance, and costs for (or depreciation of) equipment such as computers and printers.

Can a business deduct foreign taxes paid?

Generally, in any year, a taxpayer can choose whether to take as a credit (subject to limitation) or as a deduction foreign income, war profits, and excess profit taxes paid or accrued during the tax year to any foreign country or US possession.

What is the Schedule K on 1120?

This schedule is for reporting the corporation's financial activities, income, deductions, and tax credits at the corporate level. Schedule K is a summary of these items, primarily for informational purposes and to ensure that the corporation is complying with U.S. tax laws.

For pdfFiller’s FAQs

What is 2002 S CORPORATION INCOME TAX RETURN?

The 2002 S Corporation Income Tax Return refers to IRS Form 1120S, which is used by S corporations to report income, deductions, gains, losses, etc., for the tax year 2002.

Who is required to file 2002 S CORPORATION INCOME TAX RETURN?

Any business that has elected to be treated as an S corporation and meets the IRS requirements must file the 2002 S Corporation Income Tax Return.

How to fill out 2002 S CORPORATION INCOME TAX RETURN?

To fill out the 2002 S Corporation Income Tax Return, taxpayers need to provide details such as income, deductions, shareholder information, and any relevant adjustments on IRS Form 1120S.

What is the purpose of 2002 S CORPORATION INCOME TAX RETURN?

The purpose of the 2002 S Corporation Income Tax Return is to report the financial activities of the S corporation for tax purposes and to ensure correct taxation at the corporate and shareholder levels.

What information must be reported on 2002 S CORPORATION INCOME TAX RETURN?

The return must report various information including total income, deductions, credits, taxes owed, and details about each shareholder's distributive share of income, losses, and other tax-related items.