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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22650
Experience:  Taxes, Immigration, Labor Relations
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I am owner of C Corporation and I received a K1 from LCC Corporation.

Resolved Question:

I am owner of C Corporation and I received a K1 from LCC Corporation. Please advice me where do I have to report (C Corporation Income tax - line ) this amount?
Submitted: 10 months ago.
Category: Tax
Expert:  Robin D. replied 10 months ago.

Robin D. :

Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.

Robin D. :

The K1 you received and it's reporting o your 1040 form would depend on what information is on the K1 .

Robin D. :

Example, you have an amount in Box 6, you would report royalties on Schedule E (Form 1040), line 4.

Customer:

I need to report the K1 from LLC Corporation to C Corporation It is a lost

Robin D. :

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

Customer:

On K1 is on line1

Robin D. :

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.

Robin D. :

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).

Customer:

It is activity

Robin D. :

Then use #2 above

Customer:

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

Customer:

In form 1120 not 1040

Robin D. :

Sorry I was under the impression that you personally had received the K1

Customer:

No it is for my C Corporation...and the K1 is from LCC Corporation

Robin D. :

One sec please I need to check on something

Robin D. :

thanks

Robin D. :

If you do not mind, I am going to pass your situation to an expert that deal more with C corp reporting and filing.

Customer:

Ok thank you

Robin D. :

They will be right with you so please wait for them as I opt out and allow them access

Customer:

I will receive this response in my email?

Expert:  Lev replied 10 months ago.
Hi and welcome to Just Answer!
"K1 from LCC Corporation" - I assume that you have the LLC with several members taxed as a partnership - and C-corporation is a partner which received K1 reported Ordinary income from trade or business activities of a partnership.
If so - such income is reported on form 1120 Line 10 as Other Income.
If the partnership reports losses - do not offset ordinary losses against ordinary income. Instead, include the losses on line 26.
Show the partnership's name, address, and EIN on a separate statement attached to this return. If the amount entered is from more than one partnership, identify the amount from each partnership.
Let me know if you need any help.
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22650
Experience: Taxes, Immigration, Labor Relations
Lev and 9 other Tax Specialists are ready to help you

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