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Form 1120-S (Schedule K-1) Huntington Beach California: What You Should Know

Schedule K-1 (Form 1120-S) is the information you need to report your share of the entity's income, expenses, assets, and liabilities, and your share of the corporation's capital gain. There are two types of Schedule K-1: Schedule K-1(100S) and Schedule K-1(200S). Schedule K-1(100S) is the information you need to report your share of the entity's income, expenses, assets; capital gain. That information should be provided on Form 1040, Tax Return for Individuals. Schedule K-1(200S) is not necessary if the corporation meets the requirements for Schedule K-1(100S). The information that appears on Form 1120, is your share of the corporation's income, expenses, assets, and liabilities, and your share of the corporation's capital gain. Form 1120, Statement of Shareholders' and Director's Capital, will show if you're a shareholder. Schedule K-1(100S) allows you to report your share of the corporation's income, expenses, assets, capital gain, and losses in accordance with the rules in the Internal Revenue Code. Teraohm and Company | CPA, Accounting and Tax Services California corporate income tax Business use of the 100-series corporate (100-100) forms. You use the 1000-series corporate forms if you: Do not pay personal income tax Do not itemize deductions and take itemized deductions on a Schedule C (Form 1040) (If you're a partner in an S corporation, report your share of the corporation's income, do not itemize deductions, and take itemized deduction on a Schedule C (Form 1040). If you want more information about the Form 1040 Schedule, see Publication 463, When To Report and File Your Federal Income Tax Return. (If you're self-employed, report your share of the business's income, do not itemize deductions and take itemized deductions on Schedule C (Form 1040). If you want more information about the Form 1040 Schedule, see Publication 463, When To Report and File Your Federal Income Tax Return.

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