ID Form 1120-S (Schedule K-1) 2023-2024

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

Citizenship & Immigration Services (CSIS) If the shareholder is not a U.S. citizen or resident, complete line 19. Colorado Form 1120P, Schedule K-1 (NR) If your shareholder is not a U.S. person, complete line 22 and then line 16. Connecticut Form 1120P, Schedule K-1 (NR) If your shareholder is not a U.S. person, complete line 22 and then line 16. Delaware Form 1041, Schedule K-1 (NR) Enter the number on line 8. Note that only the shareholder's U.S. tax withholding has to be reported. If your shareholder is not a U.S. person, complete line 23, and then line 20. If the shareholder is a resident of Delaware, the number on line 8 must match the number on line 21. If the shareholder's tax exemption number (also called an individual taxpayer identification number) does not match an existing Form 1120, form 1041, or a Connecticut or U.S. military identification, or otherwise does not reflect his/her status as a United States resident, report line 23 on Schedule K-1. If you do not need to file a tax return for the year, complete line 23 as line 10. In addition, if the shareholder's federal or state tax withholding for any reason is incorrect, the shareholder's U.S. tax withholding for this year is incorrect, and will need to be corrected in each year's Schedule K-1. The incorrect U.S. tax withholding will be treated as an understatement of tax that is reflected on the shareholder's U.S. tax return. The shareholder must file and pay any federal and state tax and interest owing on his/her returns. The shareholder's withholding will be calculated based on an estimated tax rate for the shareholder's income. The shareholder must provide a return or instructions that include the correct estimated tax rate. For shareholders subject to the federal alternative minimum tax, the shareholder's liability for tax on the income is reduced by the amount by which the amount of the Federal alternative minimum tax was reduced.

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