CO online Form Instructions 1120-S (Schedule K-1) 2024-2025

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

Form 1120-S and Schedule K-1 for a Shareholder for all taxable years ending on or before December 31 of the year, the tax liability will  be less than the total of the tax shown on those forms. Use the amount reported on the correct Form 1120-S and Schedules K-1 For information on whether the IRS should accept your form 1120-S, check the box for “I am a U.S. shareholder; therefore, there is no tax liability on the report of shareholders.” If the IRS requests additional information, then submit the additional information.  DO NOT file a corrected Form 1120-S with the IRS by March 31, 2023, if the new federal tax law requires you to make corrections. For more information, contact the Missouri Department of Revenue at. Additional Information When the tax liability for all tax years is less than the total of Federal Form 1120-S, Schedule K-1 and other items of income and information, the tax liability will be reduced.  Any return required to be filed on or before May 5, 2021, will require that information be added to a Form 8848,  Additional Tax Return for S Corporation (Form 8848 for a State-Owned Shareholder Corporation) for the shareholder's corrected Form 1120-S, Schedule K-1 and other information  If the corporation reports an amount that is less than the total of  Form 1120-S, Schedule K-1 and other items of income, deductions, credits, and other items on its original Form 1120-S, any return that is  required to be filed by May 5, 2021, will be required to provide additional information. The corporation should report the information described in the table in Schedules K-1, Form 1120S and the Schedule E instructions.

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