IRS Instruction 1065 - Schedule K-1 2019 free printable template

IRS Form 1120S-K is a schedule used for reporting the shareholders' pro rata share of income, deductions, credits, etc., of an S Corporation. This schedule is filed along with Form 1120S, which is the main tax return form for S-Corporations. The purpose of Form 1120S-K is to provide individual shareholders with information regarding their share of corporate earnings and deductions, which they will then report on their personal tax returns.

IRS Form 1120S is specifically designed for S corporations, which are required to file it annually. Therefore, any S corporation is required to file Form 1120S-K.

Form 1120S-K is used to report additional information for certain shareholders of a small business corporation. Here are the steps to fill out IRS Form 1120S-K: 1. Identify the corporation: Fill in the business name, employer identification number (EIN), and the tax year in question at the top of the form. 2. Shareholder information: Provide the names and identification numbers (usually social security numbers) of the shareholders for whom the additional information is being reported. The percentage of ownership should also be indicated for each shareholder. 3. Dividends and distributions: Complete Part I of the form to report any dividends or distributions made to the shareholders during the tax year. This includes both cash and non-cash distributions. Provide the total amount of distributions in column (a) and indicate the portion that is a return of capital in column (b). 4. Income passed through to shareholders: Complete Part II of the form to report any income, deductions, credits, and other items passed through to the shareholders. This is typically the share of the corporation's income reported on Schedule K-1 for each shareholder. Provide the appropriate amounts for each category in the columns provided. 5. Accumulated adjustments account (AAA): If the corporation had any adjustments to shareholder's stock basis, report the beginning and ending balances of the AAA account in Part III. 6. Reconciliation of income per books with income per return: Complete Part IV to reconcile the corporation's taxable income reported in the books with the income reported on the tax return. This section also includes reporting any adjustments made in accordance with the Schedule M-1. 7. Sign and date: Once you have completed all the necessary sections, sign and date the form. It's important to note that you may need to consult with a tax professional or refer to the official instructions provided by the IRS (Specifically, IRS Form 1120S Instructions) to ensure accurate completion of Form 1120S-K for your particular situation.

The purpose of IRS Form 1120S Schedule K is to report the shareholders' pro-rata share of income, deductions, credits, etc., from an S-corporation. This schedule provides the shareholders with the information they need to report their share of the S-corporation's activity on their individual tax returns. Additionally, it helps the IRS verify that the shareholders are accurately reporting their share of income and deductions from the S-corporation.

IRS Form 1120S-K, also known as the Shareholder's Supplemental Information for Schedule K-1 (Form 1120S), is used to provide additional information to shareholders regarding their share of the S corporation's income, deductions, credits, etc. The following information must be reported on this form: 1. Shareholder's name and address: This includes the legal name and mailing address of each shareholder. 2. Shareholder identification number: This refers to the taxpayer identification number (TIN) of each shareholder, such as their Social Security Number (SSN) or Employer Identification Number (EIN). 3. Share of income and loss: The form should include the shareholder's allocated share of the S corporation's income, loss, deductions, and credits reported on Schedule K-1 (Form 1120S). 4. Other information: This may include reporting other items related to the shareholder's tax liability or specific situations, such as foreign transactions, credits, capital gains, and losses, alternative minimum tax (AMT), etc. It's important to note that the shareholder's allocated share of income, deductions, and credits should match the information provided on the K-1 (Form 1120S) received from the S corporation.

The deadline to file IRS Form 1120S K in 2023 is March 15th.

The penalty for late filing of IRS Form 1120S-K can vary depending on the specific circumstances and the length of the delay. As of 2021, the penalty for late filing of Form 1120S-K is $205 for each month or part of a month the return is late, multiplied by the total number of shareholders, with a maximum penalty of $1,025,000. However, if the late filing is due to reasonable cause and not willful neglect, the penalty may be waived. It is important to note that these penalty amounts and regulations can change, so it is advisable to consult the IRS website or a tax professional for the most up-to-date information and guidance.

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