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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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Can I get line by line help K-1 form?

Customer Question

Can I get line by line help for the K-1 form?
Submitted: 2 years ago.
Category: Tax
Customer: replied 2 years ago.
company reports
Expert:  Jonathan Tierney replied 2 years ago.
It is unclear from your question whether you are filing as a partnership (Form 1065) or a S corporation (Form 1120S). However, for both types of companies ordinary income goes in box 1 of Schedule K-1. It appears from the file that all the income would be ordinary. The sum of all the box 1's of all Schedule K-1s should equal Schedule K (page four), line 1 on either Form 1065 or 1120S. Furthermore, ordinary income is calculated on page 1 of Form 1065 or 1120S and the total on page 1 should equal Schedule K (page four), line 1.If you are looking for additional help in calculating what numbers should go on the forms based upon the files you uploaded, I would suggest we have a call to go over numbers submitted.I hope this answers your question, and let me know if you need any additional information.Jonathan