Any shareholder of an S-Corporation need to use the Schedule K-1 of Form 1120S to report his or her pro-rated share of net income or loss from that corporation for the year, along with other separately reported income and deduction items. Shareholders can also use the Schedule K-1 to summarize their beginning and ending stock basis for the year. Unlike the 1065 forms business partners would fill out to report their income and losses, Schedule-K is designed for folks who are technically business partners, but less involved.
Before you fill out your Schedule K-1 form, you’ll need a few things:
- Your completed 1120S tax return for the S-Corporation (click here to see what the 1120S is all about)
- The total transaction history and summary statement of each shareholder’s capital accounts
- Basic shareholder information such as name, address, and SSN.
Have everything you need to get you started? Fill it out here– you can sign it, save it, and send it, too. We’ve also found this handy video that will walk you through it step by step, just in case you need it.
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