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Form 1120-S (Schedule K-1) Anchorage Alaska: What You Should Know

Form 1120-S (Schedule K-1) Federal Tax Report Taxpayers must use their Schedule K-1 form for federal and state income tax purposes for the following purposes: Allocation of business income to shareholders in the return  Allocation of investment income to shareholders in the return  Distribution to shareholders of amounts from the reserve pool (see below)  Income Tax Deduction/Estate Tax Deduction This form is an overview for federal tax purposes only, as there are many other tax forms that must be reported. The forms used on Form 1120-S are: Form 1120-S, Schedule K-1 for federal tax purposes: (Form 1120-S) Alaska — Report Form 1120-S, Schedule K-1 for any state income tax purposes: Calculating Your Share of Income, Losses, and Deductions Investment and the Reserve Pool A share of investment income and other investment expenses is reported on a Schedule K-1 in boxes 20 through 25, depending on the amount of investment. Box 20: Amount of the Share of Investment Income and Deductions Box 25: Amount of the Share of Investment Income and Deductions The Schedule K-1 reporting rules will determine your share of income, loss, and deductions for each shareholder based on each shareholder's share of income, loss, and deductions. A shareholder's share of income, interest, capital gains, losses, deductions, credits or other investment income is the total amount of the shareholder's adjusted gross income less deductions and credits.

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