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Which of the following if any are eligible shareholders of an S corporation?

S corporation shareholders must be individuals, specific trusts and estates, or certain tax-exempt organizations.

How to read Schedule K-1?

There are three parts to a K-1 form. Part I: Information about the Partnership. Part II: Information about the Partner. Part III: Partners Share of Current Year Income, Deductions, Credits, and Other Items.

How do you record S Corp distributions?

Reporting S Corporation Payroll and Distributions End of year payroll returns like a W2 need to be filed with the proper agencies. Payroll amounts will be reported on your Form 1120S. Distributions are reported and filed on an 1120S and your personal tax return.

How do I report shareholder distributions on 1120S?

Each shareholders distribution amount for the corporations fiscal year should be reported on Schedule K-1, Line 16, with a reference code of D. When the shareholder follows the IRS instructions for Schedule K-1, this amount will not flow through to his income tax return as ordinary taxable income.

Where do I report shareholder distributions on 1120S?

Each shareholders distribution amount for the corporations fiscal year should be reported on Schedule K-1, Line 16, with a reference code of D. When the shareholder follows the IRS instructions for Schedule K-1, this amount will not flow through to his income tax return as ordinary taxable income.

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