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On the 1120S Where is line 7, 8, and 21 carried to?

On the 1120S Where is line 7, 8, and 21 carried to?
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4/3/2013
DanielleCPA
DanielleCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 794
Experience: Years of Experience in Business & Personal Taxes
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DanielleCPA :

Welcome and thanks for your question!

DanielleCPA :

What tax form are you trying to carry the lines to?

DanielleCPA :

And are you talking about the 1120S K-1 or the 1120S itself?

Customer:

I'm looking at the 1120S itself, but I believe I also need to take it over to the K1 right? But, am I carrying anothing over to the personal 1040 from the 1120S, it talks about the tax from Schedule D.

DanielleCPA :

What page of 1120S?

DanielleCPA :

page 3?

Customer:

No I was looking at page 1 of the 1120S line 22b

DanielleCPA :

Line 22b carries over from Section 3 of the 1120S (Built-in-gains tax) line 23.

DanielleCPA :

Was the S Corp formerly a C Corp?

Customer:

Line 7: Compensation of officers; Line8: Not anywhere; Line 21: Ordinary income

Customer:

S Corp was not formerly a C Corp

DanielleCPA :

Line 22b does not apply if the S Corp was not formerly a C Corp.

Customer:

Thanks that makes sense.

DanielleCPA :

Line 7 and 8 don't carry to/from anywhere. They are just deductions taken in arriving at Line 21 ordinary income.

DanielleCPA :

Line 21 carries to Line 1 of the 1120S Schedule K, which then ultimately flows through to the S Corp shareholders on line 1 of their K-1s

Customer:

So I will just go to line 1 of the K1 with line 21.

DanielleCPA :

Yes.

Customer:

And this ordinary business income from line 21 after being carried to the K1 then goes to the personal 1040?

DanielleCPA :

Correct.

Customer:

You are so wonderful! I have been trying to get you for some time because you helped me once before and were fantastic. Even though I pay monthly I always like to add something when you help me. I may have more later today or tomorrow trying to get this tax stuff done. Thanks again!

DanielleCPA :

You're welcome!

DanielleCPA :

So glad I could help you out!

DanielleCPA
DanielleCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 794
Experience: Years of Experience in Business & Personal Taxes
Verified
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DanielleCPA
DanielleCPA
DanielleCPA, Certified Public Accountant (CPA)
Category: Tax
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Experience: Years of Experience in Business & Personal Taxes

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