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

See the IRS Form 1120-S form. Form 1120-S, or Form 1065, is a Form 1065-B-T, U.S. Individual Income Tax Return — Individual Tax Return for an S Corporation. You will need to prepare the necessary Schedule K-1 for your own IRS return. Use the IRS Form 1120-S form to be sure you do not leave out information on some or all of your own income. When preparing Schedule K-1 (Form 1120-S)(A) for the corporation, make sure your Form 1065-B-T form includes information regarding shareholders. A Schedule K-1 (Form 1120-S) for an S Corporation must include: 1 If the corporation is an S corporation, Form 1120-S must have complete and specific information for shareholders that includes the following (i) a shareholder's social security number and/or driver's license number(s), (ii) a complete description of the shareholder's share or interest or the total shares owned, and (iii) the number of shares received and the reasons for including shareholders, including the shareholder's name, date of birth, and the last 4 digits of the shareholder's social security number if the shareholder provides information with respect to the shareholder's full social security number; 2 U.S. federal tax withholding rates, if any, unless the shareholder's adjusted gross income does not exceed the applicable threshold amount. 3 For purposes of the first line item in each box, include the following information: (i) date (except for the first month of income) 3.8% California's federal income tax rate for shareholders. 4 U.S. federal income tax withheld under the section 6012 income tax for shareholders, unless the shareholder's adjusted gross income does not exceed the applicable threshold amount; or (ii) a box in which the shareholder does not claim personal exemptions for each of the last two calendar months, but for which the shareholder also provides a completed and signed Form W-4 (or a completed Form W-4EZ) for each person who is not a dependent in the shareholder's household. The information below will help with the filing of Section 707 for shareholders of an S corporation, and Section 717 for shareholders of an S-corporation. Section 707 (527) shareholders should not include their Social Security and Medicare numbers or their employers' employer identification numbers on Schedule K-1.

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