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2002 Form 1120S (Schedule K-1)

2002 Form 1120S (Schedule K-1)-2025

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The document is a Schedule K-1 (Form 1120S) issued by the Internal Revenue Service, detailing a shareholder's share of income, credits, deductions, and other tax-related information for the tax year 2002. It includes sections for reporting various types of income and losses, credits, deductions, and adjustments related to the shareholder's investment in an S corporation.

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Where are S Corp distributions reported on K1?

Each shareholders distribution amount for the corporations fiscal year should be reported on Schedule K-1 (Form 1120-S) Shareholders Share of Income, Deductions, Credits, etc., Line 16, with D as the reference code.

What needs to be filed with 1120S?

Use Form 1120-S to report the income, gains, losses, deductions, credits, etc., of a domestic corporation or other entity for any tax year covered by an election to be an S corporation.

Does Schedule K-1 need to be filed with 1120s?

The S corporation must file Form 1120-S annually, along with a completed Schedule K-1 for each shareholder. This form must be filed by the 15th day of the third month following the end of the corporations tax year (usually March 15 for calendar year filers).

Do I file K-1 with 1120S?

If you are an owner or investor in an S corp, you likely need to file the Schedule K-1 Form 1120S. You wont have to submit the physical form to the IRS, as they already get a copy with the business tax return.

How do I report schedule K-1 income?

If you have an amount on Schedule K-1 (541), line 12, column (d), report this amount on Schedule P (540), Alternative Minimum Tax and Credit Limitations Residents, or Schedule P (540NR), Alternative Minimum Tax and Credit Limitations Nonresidents or Part-Year Residents, Part I, line 12, whichever is applicable.

How does a K-1 affect my taxes?

Generally, a loss reported on a K-1 form from a partnership or S-corporation can be used to offset other income on your annual tax return, such as wages or salaries, thereby potentially reducing your overall taxable income.

Does Schedule K-1 need to be filed?

The partnership uses Schedule K-1 to report your share of the partnerships income, deductions, credits, etc. Keep it for your records. Dont file it with your tax return unless youre specifically required to do so.

2002 Form 1120S (Schedule K-1)-2025

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