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Credits etc. Part I OMB No. 1545-0123 Amended K-1 For calendar year 2014 or tax year beginning Final K-1 Information About the Corporation A Corporation s employer identification number 5a Ordinary dividends B 5b Qualified dividends C Net short-term capital gain loss 8a Net long-term capital gain loss IRS Center where corporation filed return Royalties 8b Collectibles 28 gain loss D Shareholder s identifying number 8c Unrecaptured section 1250 gain E Net section 1231 gain loss. 671113...
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Who needs IRS Form 1120S Schedule K-1?

While all S-Corporations report their income on Form 1120S, the shareholders’ net income and loss from the corporation is reported in Schedule K-1. This document is prepared for each partner to be later attached to their individual tax returns.   

What is IRS 1120S Schedule K-1 for?

Form 1120S Schedule K-1 is designed not only to outline the income earned or lost from a corporation but also for other earnings and deductions as well as a shareholder’s annual stock history.

Is IRS 1120S Schedule K-1 accompanied by other forms?

Initially, Schedule K-1 is a part of Form 1120S. However, it is sent separately to every shareholder to file their individual tax return Form 1040.

When is IRS 1120S Schedule K-1 Due?

As a part of Form 1120S, Schedule K-1 has the same due date as the form itself. It should be sent to the shareholder by March 15th or by September 15th if the extended deadline is allowed.

How do I fill out IRS 1120S Schedule K-1?

Schedule K-1 is a one-page document where an S-Corporation has to provide the following information:

  • Name, address and identification number
  • The shareholder’s personal and contact information
  • The percentage of stock the shareholder owned during the current tax year

Once the two parts of the schedule are completed, the company has to track deductions, credits and other financial data a shareholder had within the current tax year.

Where do I send IRS Form 1120S Schedule K-1?

Once completed, Schedule K-1 must be sent to each Shareholder. When the shareholder gets the schedule, they use the information from it to file their personal income tax returns.

The video below adds more clarity to the process.

Hey what's up guys this is Josh with CPA on fire, and today we're going to look at how to fill out form 1120s which is the tax return for S corporations okay so the only people that would be using this form are people who have made an election to be taxed as an S corporation, so we'll look at the beginning here you just go over the basic info part a wants to know your s election effective date this will probably be January 1st of whatever year you made the election okay so let's assume that it was for this year all right so one 114 Part B wants to know your business activity code and this is just a code that describes what you do in your business you can find these online if you google tax code or a business activity codes it'll be a list from there for you there's tons and tons of them, so you'll have to sort through and find yours ID you're using tax software it's probably going to give you a choice of them so for now it's a six-digit code we're just going to use the one for other business which is nine nine nine nine nine nine all right, so you come up here they want to know the name of your business, so we'll just use mine as an example all right, and they want to know your address this is the address of the business not your personal address for a lot of you that will be one and the same that's okay so 123 extra city or town okay, so all basic information there box D here that's your employer identification number now this is not your social security number this is a separate tax ID number that you have for your business, and you have to have one of these to be an S corporation so if you never got one you're probably not an S corporation it'll be a seven or a nine-digit number two digits a dash and then seven more okays, so you know what that number is the date incorporated, so this is when you became either a corporation or an LLC okay, so you had to do that before you became an S corporation you can find that in your articles of organization or whatever you used to set up your operation or LLC, so we'll just assume that it was on the same day 14 total assets don't worry about this line for now um you'll, you'll find out if you need to do that or not we'll talk about that here shortly okay, so we go down to box G here or line G is a corporation electing to be an S corporation beginning with this tax year so if this is your first time filing in 1120 s, and you never filed the form 2553 that you were supposed to file click yes okay otherwise click no line H check if one it's your final return, so that would be if this is if you are your business was going out of business this was the last year that you had to file a tax return you're going to click that click box — if you had a name change during the current year 3 if you had an address change for if this is an amended return so if you ready filed your return you're just making changes to it now and 5 if the S selection termination or revocation okay, so this is your last you're just filing...
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