My company is an S corp and I'm filing an 1120s using TurboTax Business. How do I report income received on Schedule K-1 Form 1120s? The only options I get are for K-1 for Parternships or LLC (Form 1065) or Trust or Estate (Form 1041). This K-1 was issued to the company, not me personally, so it needs to be reported on the company tax return.
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While S Corps can be shareholders in C Corporations, they cannot have an ownership position in another S Corp. This is because S Corp stock must be owned by individuals. Check with the issuer of the K-1. They must have made a mistake. They can a corrected K-1 easily, showing you personally or the correct recipient.
While S Corps can be shareholders in C Corporations, they cannot have an ownership position in another S Corp. This is because S Corp stock must be owned by individuals. Check with the issuer of the K-1. They must have made a mistake. They can a corrected K-1 easily, showing you personally or the correct recipient.
If the LLC is owned by an S Corp and is treated as a disregarded entity or Single-Member LLC, does the S Corp pay the tax (if needed) or does the income/loss of the LLC and the S Corp pass through to the individual owners of the S Corp?
If this is correct, the LLC provides a schedule K to the S Corp and the S Corp provides a K-1 to the individual owners. Please confirm?
If the single-member LLC is owned by a corporation or partnership, the LLC should be reflected on its owner's federal tax return as a division of the corporation or partnership. See this IRS web page for more on single member LLC taxation.
So, there is no K-1 from a disregarded entity; its income and expenses are reported on the return of the owner, be it an individual, a partnership, or a corporation.
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