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This version of the form is not currently in use and is provided for reference only. Download this version of
IRS Form 1120-S Schedule K-1
for the current year.
IRS Form 1120-S Schedule K-1 Shareholder's Share of Income, Deductions, Credits, Etc.
What Is IRS Form 1120-S Schedule K-1?
This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury. The document is a supplement to IRS Form 1120-S, U.S. Income Tax Return for an S Corporation. Check the official IRS-issued instructions before completing and submitting the form.
FAQ
Q: What is IRS Form 1120-S Schedule K-1?
A: IRS Form 1120-S Schedule K-1 is a tax form used by shareholders of S corporations to report their share of income, deductions, credits, and other items.
Q: Who uses IRS Form 1120-S Schedule K-1?
A: Shareholders of S corporations use IRS Form 1120-S Schedule K-1.
Q: What information is reported on IRS Form 1120-S Schedule K-1?
A: IRS Form 1120-S Schedule K-1 reports a shareholder's share of the S corporation's income, deductions, credits, and other items.
Q: Why is IRS Form 1120-S Schedule K-1 important?
A: IRS Form 1120-S Schedule K-1 is important because it allows shareholders to accurately report their share of the S corporation's tax items on their individual tax returns.
Q: When is IRS Form 1120-S Schedule K-1 due?
A: IRS Form 1120-S Schedule K-1 is typically due on the same day as the shareholder's individual tax return, which is April 15th.
Q: Can I file IRS Form 1120-S Schedule K-1 electronically?
A: Yes, IRS Form 1120-S Schedule K-1 can be filed electronically.
Q: What should I do if I receive IRS Form 1120-S Schedule K-1?
A: If you receive IRS Form 1120-S Schedule K-1, you should review it carefully and use the information provided to complete your individual tax return.
Q: Are there any penalties for not filing IRS Form 1120-S Schedule K-1?
A: Yes, there can be penalties for not filing IRS Form 1120-S Schedule K-1 or for filing it late. It is important to comply with the filing requirements to avoid penalties.
Form Details:
- A 1-page form available for download in PDF;
- Actual and valid for filing 2023 taxes;
- Editable, printable, and free;
- Fill out the form in our online filing application.
Download a fillable version of IRS Form 1120-S Schedule K-1 through the link below or browse more documents in our library of IRS Forms.
