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I HAVE A k-1 FROM AN LLC WHICH SHOW IN BOX 4 A GUARANTEED…

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I HAVE A k-1...

I HAVE A k-1 FROM AN LLC WHICH SHOW IN BOX 4 A GUARANTEED PAYMENT TO A SUB S CORP.

Accountant's Assistant: The Expert will know how to help. Please tell me more, so we can help you best.

WHERE DO I PUT THIS FIGURE ?

Accountant's Assistant: Is there anything else important you think the Expert should know?

WILL THIS PASS THROUGH TO HIS PERSONAL TAX RETURN AS INCOME?

Submitted: 11 months ago.Category: Tax
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Answered in 5 minutes by:
9/8/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 11 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,411
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 11 months ago

List it on the 1120s as Other Income. Enter the ordinary income (loss) shown on Schedule K-1 (Form 1065) . Show the partnership's name, address, and EIN on a separate statement attached to this return.

Yes this does pass to shareholders of the S corp

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 11 months ago

Can you see the above post?

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