do i have to file schedule k-1? if so on what line?
Thanks!!
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You include a Schedule K-1 to show the allocation of all the income of the S corporation to each shareholder. You do NOT include distributions of income to each shareholder on a K-1.
I highly recommend that you seek outside competent tax advisors to help you through this.
You include a Schedule K-1 to show the allocation of all the income of the S corporation to each shareholder. You do NOT include distributions of income to each shareholder on a K-1.
I highly recommend that you seek outside competent tax advisors to help you through this.
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