Talk to your accountant to see if this applies to you. You may also have to fill out a state-specific Schedule K-1 (or equivalent form). If you’re an S corp with shareholders: Fill out Schedule K-1 (Form 1120-S).įor tax preparation, here are the differences between the two forms:Įach partner’s share of the partnership’s income, gains, losses, deductions, credits, and liabilitiesĮach shareholder’s percentage of income, gains, losses, deductions, and credits.Return of Partnership Income): Fill out Schedule K-1 (Form 1065). All types of partnerships need to fill this out, regardless of whether your small business is a limited partnership, general partnership, limited liability partnership, or a multi-member limited liability company. If you’re a partnership filing Form 1065 (U.S.The right one for you depends on the primary tax form your company fills out: Which Schedule K-1 do I need? Should I complete Form 1065 or Form 1120-S?ĭepending on your business entity type, there are a few different IRS Schedule K-1 forms out there. What else do my partners or shareholders need to know about the Schedule K-1?.Where can I find detailed Schedule K-1 instructions from the IRS?.How do I file my own Schedule K-1 form?.What are the Schedule K-1 instructions?.Which Schedule K-1 do I need? Should I complete Form 1065 or Form 1120-S?.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |