Schedule K-1 (Form 1120-S)

1. What is an 1120-S Form?

Income Tax Return for an S Corporation (shortly Form 1120-S) is a federal tax form by the IRS that is used for reporting your S corporation income, deductions, gains, losses, credits, and other financial facts of the business. In most cases, you have to submit the form by March 15. You may be required to fill out Schedules B, K, L, and others to provide extra information. Read the full IRS instruction on the form to figure it out. You can print the form directly from PDFLiner with all the Schedules included. 

2. What I need the 1120-S Form for?

• You have to submit the fillable Form 1120-S if you are in charge of an S corporation taxation or represent the companies financial system;
• Don’t fill and file the blank if you are a shareholder of an S corporation as you have to file an individual income tax return and pay average income taxes. 

3. How to fill out Form 1120-S?

This form includes 5 fillable pages and requires the following data:

• Name, EIN, incorporation date, total assets, etc.;
• Income (lines 1-6);
• Deductions (lines 7-21);
• Tax and Payments (lines 22-27);
• Schedule B – extra information (optional);
• Schedule K – info about pro-data share items of the company shareholders;
• Schedule L – information about assets;
• Schedule M-1 – data for reconciliation of income;
• Schedule M-2 – data for accumulated adjustments account analysis. 

If you want to fill out your form in third-party tax software on your computer, feel free to download Form 1120-S from our website. Besides, you can use our convenient online PDF editor to fill it out right in the browser. 

4. Organizations that work with Form 1120-S:

• The Internal Revenue Service (IRS).

5. Related to Form 1120-S Schedule K-1 Documents

• Tax 1120 Form
• IRS Form 1120 F
• Tax Form 1042 S
• 1040NR-EZ