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Introduction to K-1 Issues for S Corporation Shareholders (K1SC)

  • Customer Rating
    Not Yet Rated
  • Field of Study
    Taxes
  • Level
    Intermediate
  • Credits
    2
  • Qualifies for

    IRS CPE

Overview

Tax practitioners with S corporation shareholders struggle every year to make complete sense of the Schedules K-1 their clients receive from S corporations. If you have questions about how the Form 1120S K-1 works or how the items reported on a client’s K-1 should be reported on his or her own individual Form 1040, this program is designed to help you. The program will go through and discuss the more difficult issues that the Form 1120S, Schedule K-1 presents for shareholders and their tax advisors.

Major Topics:

  • General survey of the S Corporation Schedule K-1
  • What to include in Box 1—Ordinary income and loss
  • When to file Form 8082, Notice of Inconsistent Treatment or Administrative Adjustment Request
  • The impact of basis limits, the at-risk rules, and the passive activity loss rules on items allocated to the shareholder on his/her K-1
  • What are the Box 12 "Other Deductions”?
  • Handling net investment—Box 17, Code U
  • Differentiating between ordinary and qualified dividends
  • What goes in Line 10, Schedule K-1, “Other Income"?
  • Alternative Minimum Tax Items, Line 15—find out what goes there and what should also be included on Line 16 but has no code (Hint: oil & gas)

Learning Objectives

  • Understand the organization, structure and reporting flow of Form 1120S, Schedule K-1
  • Understand the specific line items on the Form 1120S, Schedule K-1

Who should take this course:

Designed for:

Any tax practitioner wishing to know more about the specific line items on the Form 1120S, Schedule K-1, and any tax practitioner preparing Form 1120S or any tax practitioner advising clients who own stock in an S corporation

Prerequisite:

Basic familiarity with tax rules relating to individual taxation

Advanced Preparation:

None

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