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Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.
The K1 you received and it's reporting o your 1040 form would depend on what information is on the K1 .
Example, you have an amount in Box 6, you would report royalties on Schedule E (Form 1040), line 4.
I need to report the K1 from LLC Corporation to C Corporation It is a lost
Ok but do you have anything in Box 1 or 2 or..............each box has a specific place to report the income on your 1040
On K1 is on line1
The amount reported in box 1 is your share of the ordinary income (loss) from trade or business activities of the corporation. Generally, where you report this amount on Form 1040 depends on whether the amount is from an activity that is a passive activity to you.
1. Report box 1 income (loss) from corporate trade or business activities in which you materially participated on Schedule E (Form 1040), line 28, column (h) or (j).2. Report box 1 income (loss) from corporate trade or business activities in which you did not materially participate, as follows.a. If income is reported in box 1, report the income on Schedule E (Form 1040), line 28, column (g).b. If a loss is reported in box 1, follow the Instructions for Form 8582 to figure how much of the loss can be reported on Schedule E (Form 1040), line 28, column (f).
It is activity
Then use #2 above
But I am going to report on the corporation tax my corporation is C Corporation...and the K1 is coming from LCC corporation..Is not for my personal tax
In form 1120 not 1040
Sorry I was under the impression that you personally had received the K1
No it is for my C Corporation...and the K1 is from LCC Corporation
One sec please I need to check on something
If you do not mind, I am going to pass your situation to an expert that deal more with C corp reporting and filing.
Ok thank you
They will be right with you so please wait for them as I opt out and allow them access
I will receive this response in my email?