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Video instructions and help with filling out and completing Form 1120-S (Schedule K-1)
Hey guys and welcome back we're going to continue to build off of our prior video example where we filled out a form 10 at 65 we're going to carry that over into this schedule k-1 you're gonna have to fill out a separate schedule k-1 for each partner that's in your business for our example we're just doing a simple general partnership LLC that has two partners in it each 50 50 owners in the profits or the losses cash-based accounting method so just to do a quick overview if you guys are doing cash accounting and you're just a simple LLC you're not gonna have to fill out the large majority of this particular form so part one you're probably have to fill out three of the four boxes part two you're probably gonna have to fill out maybe about half of these things and then part three you're probably only gonna have to fill out about two three or four of these particular boxes and again if you're a more complicated business that has foreign transactions or foreign entities or you're a publicly traded company or you do accrual accounting instead of cash all of these type of things that makes it more complicated I do recommend going with a professional but for those of you that are just simply running an LLC perhaps out of your house maybe it's just a part-time a business kind of thing or you know just doing it yourself without a whole lot of partners you should be able to fill out this form yourself I run a small business myself I fill out these schedule K one's every single year it's not an issue and I haven't had any issues with the IRS so I'm just gonna go through and work out this simple example here that the large majority of you are probably going to be able to utilize the information from so you can fill out your own schedule K ones so at the start here beginning January 1st 2021 ending December 31st 2021 and then over here you see these two little checkmark boxes you're only going to check the final k1 is if you're closing up shop you're done with your business and this is the final k1 that you're sending in and you're only gonna have to check the box for the amended k1 of course if this is gonna be the amended version of your schedule k-1 if you've already sent one and you need to amend it then you're gonna check that box but you're not most of you are probably not gonna have to check either of those boxes move in two part one here for our example our partnerships employer identification number we just made up a number in our prior video we'll use the same one and then I believe our partnerships name was mowing one two three LLC and for this basic example the person is working out.