Form 1120S is specifically designed for S corporations. In general, S corporations do not pay any federal income taxes. Instead, the corporation’s income or losses are divided among, and passed through, to its shareholders. The shareholders must then report the income or loss on their own individual income tax returns.
Just as a 1040 form is used by individual tax payers to claim their yearly income, S corporations use the Form 1120S to report their annual income, gains, losses, deductions, and credits to the IRS.
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