Re: Do I file a K1 when 100% owner of a S-Corp
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New Member

Do I file a K1 when 100% owner of a S-Corp

 
4 Replies
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Level 15

Do I file a K1 when 100% owner of a S-Corp

Are you in the process of preparing an 1120-S for your S corporation? 

 

A K-1 (1120-S) is generated for each shareholder of an S corporation (including 100% owners/shareholders).

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New Member

Do I file a K1 when 100% owner of a S-Corp

No.. I just need to know if 100% shareholder needs to file a K1

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Level 15

Do I file a K1 when 100% owner of a S-Corp


@harley02boy wrote:

No.. I just need to know if 100% shareholder needs to file a K1


Did you receive a K-1 from your S corporation? Who prepared and filed the 1120-S?

 

You need to enter the information from your K-1 into your individual income tax return.

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Level 6

Do I file a K1 when 100% owner of a S-Corp

An S-Corp return must be filed each year timely (due 3/15 if it is a calendar year entity) and issue a K-1 to each shareholder who in turn must report that K-1 on their personal return as the corp return is a pass thru entity.   If you have not filed the corp return yet is it now very late and the penalties are piling up as I type ... seek out local professional assistance if you do not know how to file it. 

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