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Miami Gardens Florida Form 1120-S (Schedule K-1): What You Should Know

Some S corporation owners may not be able to calculate exactly how much investment income they will pay  on their personal income tax return. The information contained in the Schedule K-1 gives the IRS an idea of the percentage of your company  shareholdings that are invested in the stock market, and also the percentage of your company shares that can be  included in an exchange-listed security. The Schedule K-1 form can aid in calculating tax and other business-related income from your business. In 2018, the first 20,000 of investment income for  your entire corporation will generally be taken directly out of your personal income taxes and will not be taxed as part of  the corporation's income. You may have to amend your Schedule K- 1 for the next taxable year if your total investment income (as reported on  Form 1120-S) climbs above 20,000.  Your Schedule K-1 must be filed by the 10th day of the second tax year following the year you filed your income tax return (i.e. 2019). Do not file the schedule until you receive a final tax refund notice or a  notice of assessment for the year, if any. It is a bad idea to file the Schedule K-1 with the Schedule H-1 if you plan to file a Form 1065. You will lose your eligibility for the Schedule K-1. If You Do Not File a Schedule K-1 in 2018 There are several reasons you may not have filed a Schedule K-1 by the 15-day deadline. There may be: You will not have invested your full percentage of company shares in the stock market in 2018. You only owned 6 percent of stock in your corporation in 2018. Your taxable income would be lower, and you may owe more tax. A mistake was made on your return by adding the wrong amounts to the correct amounts. Your tax return has already been filed and your return must be filed properly before the due date. You do not know your personal tax return. If you are unsure, you may contact the Taxpayer Advocate Service. Shareholder's Instructions (Form 1120) To file the Schedule K-1 with the Schedule H-1: (a) Keep a copy of the Schedule K-1 for the time you need Form 1120-S.

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