Get the free 1998 Form 1120s (Schedule K-1) - irs

SCHEDULE K-1 (Form 1120S) Department of the Treasury Internal Revenue Service Shareholder's Share of Income, Credits, Deductions, etc. See separate instructions. Beginning For calendar year 1998 or

How to fill out 1998 form 1120s schedule

How to fill out 1998 form 1120s schedule?

1. Gather all relevant information and documentation, including financial statements, profit and loss statement, and balance sheets.
2. Begin by filling out the Schedule K-1, which reports the individual shareholders' shares of income, deductions, and credits. Provide the necessary details for each shareholder.
3. Move on to Part I: Income. Enter the company's total income and categorize it into different sources such as gross receipts, dividends, interest, rents, and royalties.
4. In Part II: Deductions, input the company's deductible business expenses, such as salaries and wages, rental expenses, utilities, and depreciation.
5. Calculate the net operating loss deduction in Part III, if applicable.
6. Complete Part IV: Credits, by reporting any tax credits that the company is eligible for, such as investment credit, general business credits, and alternative minimum tax credit.
7. Finally, proceed to Part V: Other Information where you might need to disclose additional details such as changes in ownership, termination of S corporation status, or certain passive activity losses.

Who needs 1998 form 1120s schedule?

1. Individuals who are shareholders of an S corporation for the year 1998.
2. S corporations that have taxable income, deductions, credits, or other information that needs to be reported to the Internal Revenue Service (IRS).
3. Tax professionals or accountants who are responsible for preparing and filing the 1998 form 1120s schedule for eligible businesses.

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What is form 1120s schedule k-1?

Form 1120S Schedule K-1 is a tax form used by shareholders of S corporations to report their share of income, deductions, credits, and other tax items.

Who is required to file form 1120s schedule k-1?

Shareholders of S corporations are required to file Form 1120S Schedule K-1 if they received any income, deductions, credits, or other tax items from the S corporation.

How to fill out form 1120s schedule k-1?

To fill out Form 1120S Schedule K-1, shareholders of S corporations need to obtain the form from the S corporation and report their share of income, deductions, credits, and other tax items. The form requires shareholders to provide their personal and contact information, as well as details about their share of the S corporation's income and deductions.

What is the purpose of form 1120s schedule k-1?

The purpose of Form 1120S Schedule K-1 is to report each shareholder's share of the S corporation's income, deductions, credits, and other tax items. This information is necessary for shareholders to accurately report their personal tax liability.

What information must be reported on form 1120s schedule k-1?

Form 1120S Schedule K-1 requires shareholders to report their share of the S corporation's income, deductions, credits, and other tax items. This includes information such as their share of the company's ordinary business income, capital gains or losses, dividends, and any other relevant tax items.