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jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3161
Experience:  I've prepared all types of taxes since 1987.
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For jgordosea only, please...": Please clarify the other experts

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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.

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


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

"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 3 years 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?


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.

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My profile page is at

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.


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