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Level 2
June 1, 2019
Solved

K1(1120s) box 1 - ordinary income 'received'? Do I put income here that I did NOT receive?

  • June 1, 2019
  • 1 reply
  • 13 views
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Best answer by TaxGuyBill

You enter the number on the K-1.  That is your share of the income that the business received.  It does not matter if the business distributed you any money or not, that is still your share of the business profit.

1 reply

Level 13
June 1, 2019

You enter the number on the K-1.  That is your share of the income that the business received.  It does not matter if the business distributed you any money or not, that is still your share of the business profit.