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

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

Schedules K-1, K-2, and K-3 2. Schedule K -1 (Form 1120-S) 3. Table of Contents Instructions Incorporation and Taxes: Schedule K-1 and Schedule K-2 S Corporations and Interest Income I'll start with Schedule K-1. 1. Schedule K-1 (Form 1120-S) Section 1. Section 6103(c)(1) applies. 2. In Section 2, a section called “Employment and Social Security Income” (SSI) is used to determine the amount of SSI withheld from your compensation or wages. SSI is earned income by an SS employer. 3. The amount of SSI withheld is determined by section 6104. For more information on SSI, please see Publication 519. 4. In Section 6105, a section called “Other Federal Insurance Contributions Act Tax” (FICA T), also shown only for wages, is used to determine the amount of the withheld additional tax (AFT) from other income from an SS employer. 5. The amount of FICA withheld is determined using one of the following methods: a. The amount of FICA is calculated based on the taxable wages. b. (For federal tax purposes only) Determination is provided for self-employed taxpayers by means of Form 1040, Schedule SE, which includes information about deductions or exclusions for Social Security. c. (For federal tax purposes only) Determination is provided for self-employed taxpayers by means of Form 2555, which includes information about social security. 6. For federal tax purposes, the amount of FICA withheld (or AFT) is included by income for the corporation in boxes 6 and 13 and reported on Schedule K-1. 7. In box 7, you will have to indicate if you made any “bonuses” to employees for the year or if you are self-employed with now or minimal employees. Note: Bonuses. If the amount in box 13 is less than 10% of the amount paid, the box is generally left blank, unless you are self-employed with now or minimal employees. If you made a bonus payment, attach all the following to your return to the same order: a.

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