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For a business entity like S-Corp, there are two sets of filings. At the entity ( business ) level you file (a) a federal return 1120-S , (b) a State return and (c) send K-1s to each member of the S-Corp. In this sense S-Corp acts like a pass through entity. At the individual level you again file (a) Federal 1040 series return including the details from the K-1 from the S-Corp and (b) State return ( if you live in a State with income tax.
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For a business entity like S-Corp, there are two sets of filings. At the entity ( business ) level you file (a) a federal return 1120-S , (b) a State return and (c) send K-1s to each member of the S-Corp. In this sense S-Corp acts like a pass through entity. At the individual level you again file (a) Federal 1040 series return including the details from the K-1 from the S-Corp and (b) State return ( if you live in a State with income tax.
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