2022 Partnership or S Corporation Income Tax Forms and Instruction Booklet rev. 7-22-2025

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  1. Click ‘Get Form’ to open the 2022 Partnership or S Corporation Income Tax Form K-120S in our platform.
  2. Begin by entering your business's name, address, and Employer Identification Number (EIN) in the designated fields on the form.
  3. Indicate whether you are filing for a partnership or an S corporation by checking the appropriate box.
  4. Complete all required sections, including income details from federal Schedule K, and ensure to include any necessary supporting documentation as outlined in the instructions.
  5. For each partner or shareholder, provide their information in Part III, ensuring accurate percentages of ownership and income distribution are recorded.
  6. Review all entries for accuracy before submitting. Use our editor’s features to make any necessary adjustments easily.

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What advantage do S corporations have over partnerships? S corporations offer limited liability protection to shareholders, shielding personal assets from business debts. They also have an easier transferability of ownership through stock and may provide tax advantages by potentially reducing self-employment taxes.
Some unique income tax rules apply to S corporations regarding compensation and fringe benefits paid to shareholders who own greater than 2% of the corporation. Under these S corp income tax rules, a greater than 2% shareholder is taxed as a partner in a partnership for fringe benefits received.
You can fill out the form using tax software or print it to complete it by hand. If your partnership has more than 100 partners, youre required to file Form 1065 online. Other partnerships may be able to file by mail. The IRS Form 1065 instructions have the complete details.
Partnerships are agreements between individuals with personal liability and pass-through taxation. S corporations are separate legal entities with limited liability, pass-through taxation, and restrictions on the number and type of shareholders.
In order to become an S corporation, the corporation must submit Form 2553, Election by a Small Business Corporation signed by all the shareholders. See the Instructions for Form 2553 PDF for all required information and to determine where to file the form.

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