Form Instructions 1120-S (Schedule K-1) online South Fulton Georgia 2024-2025

Form Instructions 1120-S (Schedule K-1) online South Fulton Georgia: What You Should Know

Federal Corporate Statutes 1. The corporation (the holder of the Schedule K) is a separate legal entity. 2. The corporation's income, losses, deductions, credits and other items of corporate income for the tax year are reported on Schedule K. This Schedule K is used by the shareholders (the owner(s) of such shareholders) in computing their separate gross income for tax purposes. 3. You need to be sure the amount of the shareholder's tax deduction, if any, is included on the shareholder's return for the tax year. You do this by finding the shareholder's share for the amount of the deduction. 4. Furthermore, you need to find your share of the shareholder's federal income tax deductions (deductions and credits) for the corporation's tax year. These are deductions you receive for items that are included in your federal income tax, like: losses on sales and dispositions; business property or nonbusiness property sold; casualty losses; qualified dividends; dividends made to a foreign corporation; dividends to foreign corporations. 5. There can also be income that your shareholders didn't include on their income tax return. (Nonbusiness property sold in excess of current fair market value.) These types of items are not reported on Schedule K. You must be sure to have these items included in the shareholder's return for the tax year. Schedule K of the owner(s) will include your portion of the dividends paid on these nonbusiness items; 6. Once you receive your Schedule K, your shareholder will need to file their income tax return. If the IRS audit results in no penalty (or very large penalty), you do not need to worry about filing Schedule M, which lists the individual items that were reported to you by your shareholder under Schedule K. (Remember, it is not necessary to file a Form 1120, if you have filed an income tax return. However, you should file a Form 1120-C if you don't have to file or get a refund.) If you do file a Schedule K, it must be received by you by April 4, 2018.  You must complete your individual Schedule K by the same deadline each year (or earlier if an extension is granted). Your Schedule K will be electronically filed with Form 1120.

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