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ALABAMA DEPARTMENT OF REVENUE Schedule K-1 (Form 20S) Alabama S Corporation Shareholder s Statement

ALABAMA DEPARTMENT OF REVENUE Schedule K-1 (Form 20S) Alabama S Corporation Shareholder s Statement 2025

ALABAMA DEPARTMENT OF REVENUE Schedule K-1 (Form 20S) Alabama S Corporation Shareholder s Statement Preview on Page 1

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The document is the Alabama Department of Revenue's Schedule K-1 (Form 20S) for S Corporations, detailing the shareholder's statement of income and deductions for the tax year 2002. It includes sections for shareholder and S corporation information, distributive shares of income and deductions, contributions, income taxes paid, casualty losses, and various instructions for both shareholders and corporations regarding tax reporting and compliance.

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What is a Schedule k1 Form 20S in Alabama?

The Alabama Schedule K-1 is a required attachment to the Alabama Form 20S. The Alabama Schedule K-1 is similar to the federal Schedule K- 1 in that it is used to report the pass-through entity owners share of income, deduc- tions, credits and other items.

How much do you have to make in Alabama to have to file taxes?

Filing Requirements are based off of Residency, filing status and gross income: Full Year Residents: Single, $4,500. Head of Household, $8,200.

How do I get a k1 for my S Corp?

You can find a blank copy of the Schedule K-1 for Form 1120S on the IRS website. Schedule K-1 records each owners share of the businesss income, deductions, credits, and other financial items. The corporation submits a copy of all K-1s to the IRS with the 1120S form.

Who must file al form 20S?

LIABILITY FOR FILING RETURNS. Alabama Form 20S is to be used only by corporations doing business in Alabama that have elected to be treated as an S cor- poration for federal income tax purposes.

What happens if you dont file Alabama state taxes?

What Happens If You Dont File or Pay on Time in Alabama? If you cannot file or pay on time, you may face penalties ranging from 5% to 25% of the tax not paid. Interest will also accrue on any unpaid tax. Failure to submit your tax extension form or to efile an IRS extension could lead to significant fines.

Who must file an Alabama income tax return?

You must file an Alabama state income tax return if you live in Alabama and your gross income exceeds the following thresholds: Single: $4,000. Married Filing Separately: $5,250.

Who must file an Alabama S Corp return?

Keeping Your S Corp Compliant All Alabama S corps are required to annually file the Alabama Business Privilege Tax Return and Annual Report for Pass-Through Entities (Form PPT).

ALABAMA DEPARTMENT OF REVENUE Schedule K-1 (Form 20S) Alabama S Corporation Shareholder s Statement 2025

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