After you file

You need to go to a local tax professional to get help here.

You don't go back and amend prior years' income tax returns for "K-1 income never received when company closed."  S Corps are "pass through" entities and pass through to the shareholders each shareholder's appropriate amount of the S Corp's activities for reporting on their personal income tax returns.  The reporting goes on irrespective of any cash the S Corp might distribute to shareholders.   

Broadly speaking, income and losses "passed through" to shareholders either increases a shareholder's basis, (income), or decreases a shareholder's basis, (losses).  In the same vein, any additional contributions that the shareholders make to the S Corp increase their basis, while distributions to the shareholders decreases their basis.

See https://www.irs.gov/es/businesses/small-businesses-self-employed/s-corporation-stock-and-debt-basis

What you have at this point is a long term capital loss, recognizable in 2017.

Take your 5 years' worth of Schedule K-1's to a local CPA or other competent help and have them assist you here.

Tom Young

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