Schd K & K1 for 1120S S corp questions


P

plutoman000

I am a little confused as to how to fill out schd K-1 along with
the 1120S form.

In particular, the first entry in the schd K-1 is the ordinary
business loss or income.

But the rest of the form asks for interest income, deductions,
sec 179, which are ALREADY included in the ordinary business
income or loss.

How come this double counting?

That's why I am confused.

Could someone please help?

How do I correctly fill out this form?

Thanks!

PM
 
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H

Harlan Lunsford

I am a little confused as to how to fill out schd K-1 along with
the 1120S form.

In particular, the first entry in the schd K-1 is the ordinary
business loss or income.

But the rest of the form asks for interest income, deductions,
sec 179, which are ALREADY included in the ordinary business
income or loss.

How come this double counting?
No, it is not double counting, because those items
are/should not be accounted for before ordinary income on
page one. These are all separately stated items and are
not to be included on line.... oh... what, 26? Ordinary
income, anyway.

(Just filed my own 1120S electronically today matter of
fact.)

ChEAr$,
Harlan Lunsford, EA n LA
 
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C

CMS, VA CPA

I am a little confused as to how to fill out schd K-1 along with
the 1120S form.

In particular, the first entry in the schd K-1 is the ordinary
business loss or income.

But the rest of the form asks for interest income, deductions,
sec 179, which are ALREADY included in the ordinary business
income or loss.

How come this double counting?

That's why I am confused.

Could someone please help?

How do I correctly fill out this form?
Please consult a local CPA or EA who specializes in small
business taxes for help with this.

You have a basic misunderstanding of the sub-chapter S
corporation tax forms (1120S).

Interest income, Section 179 depreciation deductions,
charitable contributions, and certain other items are NOT
included in the ordinary taxable business income (loss).

--
Charles M. Shanes, CPA
Charles M. Shanes CPA, LLC
Richmond, VA
QuickBooks ProAdvisor
Microsoft MPAN Member for SBA
www.shanescpa.com
(e-mail address removed)
 
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B

Benjamin Yazersky CPA

I am a little confused as to how to fill out schd K-1 along with
the 1120S form.

In particular, the first entry in the schd K-1 is the ordinary
business loss or income.

But the rest of the form asks for interest income, deductions,
sec 179, which are ALREADY included in the ordinary business
income or loss.

How come this double counting?

That's why I am confused.

Could someone please help?

How do I correctly fill out this form?
based on your questions, you need to seek a CPA

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----
 
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H

Harlan Lunsford

based on your questions, you need to seek a CPA
Or an Enrolled Agent (EA) who specializes in business taxes.
(grin!)

ChEAr$,
Harlan Lunsford, EA n LA
 
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