If my 8832, has been approved for my business to be classified as an association taxable and I am a single owner, would I need to file a K-1 with my personal return?
If your intention is file an 1120 tax return, otherwise known as a C-Corporation, you won't have a Schedule K-1.
Schedule K-1 forms are attached to pass through entities only, like partnerships, S-Corporations and trusts.
A C-Corporation files Form 1120 and may pay tax at the entity level. That is, there may be tax due on the Form 1120.
The owner of a C-Corporation does not report anything on their individual tax return unless they receive a W-2 or dividends.
for tax purposes, a corporation or entities like an LLC that request corporate taxation have a choice between two types of corporate taxation. 1) C-corp the corporation pays taxes on the income and distributions to the shareholders are taxed as dividend income
2)S-corp which requires filing form 2553 along with form 8832 for non-corporate entities electing this taxation. the shareholders pay the tax on the income or deduct the loss and distributions are tax-free. having sufficient tax basis is important for losses to be deductible and distributions to be tax-free.
If your intention is file an 1120 tax return, otherwise known as a C-Corporation, you won't have a Schedule K-1.
Schedule K-1 forms are attached to pass through entities only, like partnerships, S-Corporations and trusts.
A C-Corporation files Form 1120 and may pay tax at the entity level. That is, there may be tax due on the Form 1120.
The owner of a C-Corporation does not report anything on their individual tax return unless they receive a W-2 or dividends.
for tax purposes, a corporation or entities like an LLC that request corporate taxation have a choice between two types of corporate taxation. 1) C-corp the corporation pays taxes on the income and distributions to the shareholders are taxed as dividend income
2)S-corp which requires filing form 2553 along with form 8832 for non-corporate entities electing this taxation. the shareholders pay the tax on the income or deduct the loss and distributions are tax-free. having sufficient tax basis is important for losses to be deductible and distributions to be tax-free.