How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask jgordosea Your Own Question

jgordosea
jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3034
Experience:  I've prepared all types of taxes since 1987.
3653323
Type Your Tax Question Here...
jgordosea is online now
A new question is answered every 9 seconds

For jgordosea only, please...": Please clarify the other experts

Resolved Question:

For jgordosea only, please...": Please clarify the other experts comment "Schedule K line 8a. This will then go directly to K1 which is used to report the business income and other taxable events onto the 1040 and you will put the loss on Schedule D when you do the 1040." Where I'm confused is his reference to a Sch K and it's relation to Sch K-1. I can not find a Sch K. Secondly, the client is the only shareholder. Do I really need a k-1? Also, is the K-1 like a statement? It doesn't seem to integrate w/any other form like the 1120s. It appears to be just a statement of fact. Thanks.
Submitted: 11 months ago.
Category: Tax
Expert:  jgordosea replied 11 months ago.

Hello again,

 

Schedule K is a summary schedule of all shareholders' shares of the corporation's income, deductions, credits, etc. and is on page 3 of the 1120S. It is integral to the 1120S so it may not have been noticed that it is named Schedule K on that page.

For a copy please see http://www.irs.gov/pub/irs-pdf/f1120s.pdf

 

The amounts on Schedule K are divided into the distributive shares (for multiple owners) that are shown on the K-1. For a single owner the Schedule K and K-1 will have the same amounts, since 100% of the Sch. K amount is going to that one K-1.

 

From the instructions at http://www.irs.gov/instructions/i1120s/ch02.html#d0e2746

"Schedule K-1 shows each shareholder's separate share. Attach a copy of each Schedule K-1 to the Form 1120S filed with the IRS. Keep a copy for the corporation's records and give each shareholder a copy.

Give each shareholder a copy of the Shareholder's Instructions for Schedule K-1 (Form 1120S) or specific instructions for each item reported on the shareholder's Schedule K-1. "

So, yes, you do need the K-1 as part of the 1120S to be filed and in the corporate records.

No, you technically do not need to give the K-1 to the shareholder if the corporation gives specific instructions of what the shareholder must report. But, it makes a very good support document for the taxpayer's 1040 copy as it lists all of the items that are passing to the shareholder from the corporation.

 

Indeed, the Schedule K-1 is like a statement showing each shareholder's separate share of the items passed through from the corporation.

 

As always, please ask if you need more discussion or clarification.

Thank you.

 

 

 

 

Customer: replied 11 months ago.

Now I get it! Feel a little stupid I didn't see the Sch K on 1120s. The last entry of 4767 goes to line 4 of the 1120s and THAT is what I was looking for. You really helped. Did you get the $20 bonus from the prior question? If not, I will add here. How can I get you in the future as we really communicate?

Expert:  jgordosea replied 11 months ago.

Steve,

Glad you got it and that I could help. Please do not feel stupid for learning something new. To paraphrase Albert Einstein "the more I know the more I know that I do not know". Not knowing is not stupid, in my opinion.

 

I did get a rating but not any bonus on the prior question.

For issues with the site or payments please contact customer support, if needed, at http://ww2.justanswer.com/help (upper right has box for various contact methods)

 

My profile page is at http://www.justanswer.com/finance/expert-gordosea/

Or you can ask for me in the same manner you did for this question.

But, even is you ask a question via my profile or request me it is best to put "For jgordosea only, please..." as that will persist and the request, even on my profile, will not persist.

 

I look forward to helping in the future and appreciate your kind words.

 

jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3034
Experience: I've prepared all types of taxes since 1987.
jgordosea and 8 other Tax Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
< Last | Next >
  • http://ww2.justanswer.com/uploads/KU/KUMI95/2013-9-30_195031_kumar.64x64.jpg Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
  • http://ww2.justanswer.com/uploads/CU/Cuttinggirl/2011-10-29_03719_wcrop2.64x64.jpg Wendy Reed's Avatar

    Wendy Reed

    Enrolled Agent

    Satisfied Customers:

    3052
    15+ years tax preparation and tax advice.
  • http://ww2.justanswer.com/uploads/CATax/2009-08-04_204548_Mark.jpg Mark D's Avatar

    Mark D

    Enrolled Agent

    Satisfied Customers:

    985
    MBA, EA, Specializing in Business and Individual Tax Returns and Issues
  • http://ww2.justanswer.com/uploads/IN/insearchoftheanswer/2013-8-16_0233_attorney.64x64.jpg Richard's Avatar

    Richard

    Tax Attorney

    Satisfied Customers:

    3229
    29 years of experience as a tax, real estate, and business attorney.
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    6121
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JG/jgordosea/2012-6-7_43138_GordosVeritas.64x64.jpg jgordosea's Avatar

    jgordosea

    Enrolled Agent

    Satisfied Customers:

    2783
    I've prepared all types of taxes since 1987.
  • http://ww2.justanswer.com/uploads/OZ/ozaukeecpa/2012-6-7_193219_Picture1croppedandshrunk.64x64.jpg MequonCPA's Avatar

    MequonCPA

    Certified Public Accountant (CPA)

    Satisfied Customers:

    2231
    CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.