Get 1994 Form 1120s (schedule K-1) - Irs - Irs

Schedule K-1 (Form 1120-S), Shareholder's Share of Income, Deductions, Credits, etc. The S corporation files a copy of this schedule with the IRS to report your share of the corporation's income, deductions, credits, etc.

Schedule K-1 is a federal tax document used to report the income, losses, and dividends for a business' or financial entity's partners or an S corporation's shareholders.

Purpose of Schedule K-1 The corporation uses Schedule K-1 to report your share of the corporation's income, deductions, credits, and other items. Keep it for your records.

Each shareholder's distribution amount for the corporation's fiscal year should be reported on Schedule K-1, Line 16, with a reference code of "D." When the shareholder follows the IRS instructions for Schedule K-1, this amount will not flow through to his income tax return as ordinary taxable income.

Line 16d – Total property distributions (including cash) If these distributions exceed your basis in stock, the excess is treated as gain from the sale or exchange of property and is reported on Schedule D (540 or 540NR).

Schedule K-1 doesn't show actual dividend distributions the corporation made to you. The corporation must report such amounts totaling $10 or more for the calendar year on Form 1099-DIV, Dividends and Distributions.

If you received a Schedule K-1 (Form 1120S) as a shareholder, to make the entry, go to: Federal Section. Income -Select My Forms.

Box 19 of the K-1 (1065) records distributions made to you, the partner or member, during the year. The distributions could have been cash or in other types of property. Think of a distribution as being similar to a dividend as they are a reduction of capital/equity in the business.