Yo yo yo, CPA Strength back again, the strongest CPA guy. Anyway, we're gonna talk about K1s right now. We're just gonna talk about what it is and where it comes from. It comes from a pass-through entity, big pass-through entities are S corps and partnerships. We're gonna focus on K1s from an S corp today, an 1120S (okay, now it's called 1120S, and S Corp). I should put "S Corp" (not "escort"). An S Corp is a pass-through entity, meaning the entity itself doesn't pay taxes on the income or loss. It passes through to the shareholders, and it passes through via a K1. So, I'm going to show you one second, but you're gonna have your 1120S tax return. Then, the shareholders are going to get K1s from the income or loss from the pass-through entity from the 1120S. Those K1s are going to go through to the shareholders' personal tax returns. Let's go. We have 1120S. It files its own tax return. It's gonna file its own tax return, so we have the 1120S. The S Corp makes a profit of $10,000. Now, it has two shareholders: Tom at 50 percent and Marion at 50 percent. This S Corp is going to file a tax return. It's gonna send it to the IRS. The IRS is going to get it and it's gonna say, "Oh, okay, there's two K1s here: Tom and Mary, both 50 percent." So, the IRS is gonna know already with the filing of the 1120S. They're gonna be waiting for those K1s to come in by the Social Security number on the K1s. Anyways, the S Corp is gonna file. It's gonna have a profit of $10,000. There are two shareholders, so they're 50/50 owners, 50% each. On a K1, basically, you know,...
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instructions 1120-S Form: What You Should Know
Instructions for Form 1120-S — IRS Shareholder's Reference Guide for U.S. Shareholders Information about Form 1120-S, U.S. Income Tax Return for an S Corporation (through April 18, 2015), including recent updates, related forms, and instructions on how to file. 2021 Instructions for Form 1120-S — IRS 2021-1 Instructions for Form 1120-S — IRS 2024 instructions on how to file form 1120-S, tax return for an S corporation and related forms. 2021. Instructions for Form 1120-S — IRS 2021.1-1 Instructions for Form 1120-S — IRS 2021.1 Instructions for Form 1120-S — IRS 2021-1-1 Instructions for Form 1120-S — IRS The IRS has provided the following information on Form 1120-S, U.S. Income Tax Return for an S — Corporation. This information does not apply to all S corporations. 2021 Instructions for Form 1120-S — IRS Shareholder's reference guide for Form 1120-S (the “Gains and Losses Deduction,” or “GDS Deduction”) Use S Corporation Income, in Pub. 746, or the U.S. Income Tax Return for an S Corporation, in Pub. 946, to report the Gains and Losses Deduction, or “GDS Deduction.” This deduction may be claimed for taxable years beginning before January 1, 2016. 2021-2 Instructions for Form 1120-S — IRS For any taxable year beginning during 2014, apply to an S corporation the provisions in section 2071 for the deduction of losses on the sale or exchange of shares of stock in the S corporation. 2021.7 Instructions for Form 1120-S — IRS 2021-1-1 Instructions for Form 1120-S — IRS For any taxable year beginning during 2014, apply to an S corporation the provisions in section 2071 for the deduction of losses on the sale or exchange of shares of stock in the S corporation. 2021.
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