Schedule K-1 Form 1120-S PDF Template

What is a Schedule K-1 Form 1120-S?

A Schedule K-1 (Form 1120-S) is a tax document used by S corporations to report each shareholder’s share of the corporation’s income, deductions, credits, and other financial items. The form is issued annually and is essential for shareholders to accurately report their share of the S corporation’s financial activity on their personal tax returns. This ensures proper tax reporting and compliance with IRS regulations. The Schedule K-1 provides detailed information that allows shareholders to correctly account for their portion of the S corporation’s financial performance.

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How to Fill in Our Schedule K-1 Form 1120-S PDF Template

Follow these steps to fill in the Schedule K-1 Form 1120-S template

Part I: Information About the Corporation

A: Enter the corporation’s employer identification number (EIN).
B: Fill in the corporation’s name, address, city, state, and ZIP code.
C: Indicate the IRS center where the corporation filed its return.
D: Provide the total number of shares at the beginning and end of the tax year.

Part II: Information About the Shareholder

E: Enter the shareholder’s identifying number (such as SSN or TIN).
F: Provide the shareholder’s name, address, city, state, and ZIP code.
G: Indicate the shareholder’s current year allocation percentage.
H: Enter the number of shares held by the shareholder at the beginning and end of the tax year.
I: Report loans from the shareholder at the beginning and end of the tax year.

Part III: Shareholder’s Share of Current Year Income, Deductions, Credits, and Other Items

1: Report ordinary business income (loss).
2: Report net rental real estate income (loss).
3: Report other net rental income (loss).
4: Enter interest income.
5a: Report ordinary dividends.
5b: Report qualified dividends.
6: Report royalties.
7: Enter net short-term capital gain (loss).
8a: Report net long-term capital gain (loss).
8b: Report collectibles (28%) gain (loss).
8c: Report unrecaptured section 1250 gain.
9: Report net section 1231 gain (loss).
10: Enter other income (loss).
11: Report section 179 deduction.
12: Enter other deductions.
13: Report credits.
14: Check if Schedule K-3 is attached.
15: Enter alternative minimum tax (AMT) items.
16: Report items affecting shareholder basis.
17: Enter other information.
18: Indicate if there is more than one activity for at-risk purposes.
19: Indicate if there is more than one activity for passive activity purposes.