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Do I have to file a schedule k1 with my taxes?
I just received a schedule k1 (form 1120s) but I was told that the taxes was already prepaid. Do I still have to report it when I do my taxes? I'm planning to do my taxes soon and I want to know if I need to bring it with me.
5 Answers
- troLv 77 years agoFavorite Answer
if you receive a K(1) from a corporation it is reporting items of income that may be taxable to you, yes you claim those items of income but you do not include the form with your tax return
- ?Lv 77 years ago
Yes, of course you do. The tax obligation PASSES THROUGH to you. They are never prepaid on an 1120S.
- Max HooplaLv 77 years ago
Information from a Schedule K-1 flows to your 1040 but you don't attach a copy.
- LynneLv 67 years ago
Go back and talk to the person who prepared the k-1. Make sure they did it right.
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- HerrmannLv 77 years ago
"and I want to know if I need to bring it with me. "
YES. While the form is not attached to your return, the info does have to be entered on it.
