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Regarding Form 6198 for 1040, single S Corp Shareholder:
Regarding Form 6198 for 1040, single S Corp Shareholder: Taxpayer is single shareholder in S Corp. S Corp had net loss. Taxpayer's basis at beginning of year was $1,000 comprised of capital stock. No … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
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I am a new llc and I don't know where to show my k-1
i am a new llc and I don't know where to show my k-1 distribution income on my 1040 … read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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I have a single member LLC which I must close this month. It
I have a single member LLC which I must close this month. It never made enough to pay myself a salary, but I did accumulate a few thousand dollars in the business account over the 5 years in business.… read more
LEV
LEV
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On K-1 (1120S) Line 16, Code D there is a $90,000 positive
On K-1 (1120S) Line 16, Code D there is a $90,000 positive amount. On Line 1 Ordinary Business Income shows $100,000 profit. Where on the Form 1040 do I report these 2 figures. I am in Florida and nee… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
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I am preparing 1040 that have a k-1 from his S Corp which is
I am preparing 1040 that have a k-1 from his S Corp which is showing the following: … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
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I have a C Corp (filing 1120) that received a K-1 from a
I have a C Corp (filing 1120) that received a K-1 from a partnership. I understand that income and loss would be reported on lines 10 and 26, respectively. Where do items from boxes 12 (section 179 de… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
I have a K1. If it's 100,000 in box 1, and 100,000 in box 16
I have a K1. If it's 100,000 in box 1, and 100,000 in box 16 as a distribution, what do I put on my 1040?… read more
ABC Accounting Group
ABC Accounting Group
Bachelor's Degree
862 satisfied customers
We voted to dissolve our 2 person s-corp so we can retire
We voted to dissolve our 2 person s-corp so we can retire (age 76 & 70). We filed Articles of Dissolution with WA State & effective date is 10/23/15. We have 2 months and 15 days from that date to fil… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,242 satisfied customers
S-Corp, "a nondividend distribution in excess of stock
For an S-Corp, "a nondividend distribution in excess of stock basis is taxed as a capital gain on the shareholder's personal return, usually a long-term capital gain." 1. Does this apply to employee-s… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,242 satisfied customers
Hi, My 2009 tax return is being audited; the key issue is
Hi, My 2009 tax return is being audited; the key issue is a NOL deduction carried over from 2006-2008 (all barred years). In those years, I owned an interest in an LLC. The K-1s all reported Line 1 lo… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,165 satisfied customers
If a long-time S-Corporation shareholder takes a distribution
If a long-time S-Corporation shareholder takes a distribution in excess of stock basis (no debt basis), the distribution will be reported on Schedule D as long term capital gain. Since this distributi… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
609 satisfied customers
Years ago, I was gifted a small share (less than 3%) in my
Years ago, I was gifted a small share (less than 3%) in my brother's LLC for doing some accounting work for them when they first started (I didn't put any money into this share nor am I actively invol… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
For an individual 1040 I received a K1 from a partnership (LLC)
For an individual 1040 I received a K1 from a partnership (LLC) in which the cash distribution is in excess of the basis. I can't figure out where to enter the information? It is a non-passive loss. I… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
hello, we are doing our corporate and personal taxes today
hello, we are doing our corporate and personal taxes today for 2010. we had a loss of 36K from 2009. can we roll that over into 2010 or is it absorbed into 2009? one tax pro tells us it rolls over to … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
filling out schedule f (1040) have a loss, all at risk, but
filling out schedule f (1040) have a loss, all at risk, but received a small subsidy, do I have to fill out form 6198 and attach it to the return just because I had to mark 37b on schedule f? I have a… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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In preparing my small S-Corps final 1120 S return for which
In preparing my small S-Corp's final 1120 S return for which I am the sole shareholder, after liquidating all assets and liabilities, I have a net business loss $3,000 on line 21 and $5,000 in retaine… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
What is included in line 16D of shareholders share of ...
What is included in line 16D of ''shareholders share of income, deductions credits, etc, Schedule K-1, and how do I report it?… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I filled out scedule C and have a loss. How do you enter ...
I filled out scedule C and have a loss. How do you enter the loss on 1040 line 12? These lines are added, not subtracted. Do I enter a negative number? I checked box 32a on schedule C. Optional Inform… read more
Jon Andrews
Jon Andrews
CPA
2,926 satisfied customers
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