K-1s for 1120-S
Clients who are shareholders in an S corporation should receive a Schedule K-1 (Form 1120S), reporting their share of the corporation’s income, deductions, credits, etc. This online workshop shows you how to report the basic information from this schedule on an individual’s tax return, and some of the more complicated items. In addition, you will gain an understanding of limitations that might apply before you can report certain items, such as losses and distributions. This course includes a comprehensive case study to demonstrate the learned content and ensure you’re able to directly apply the information to your clients’ situations.
Upon completion of this course, you will be able to:
- Calculate the shareholder’s basis in the S corporation.
- Determine how much of a pass-through loss is deductible after applying the basis and at-risk and passive activity limitations.
- Analyze the shareholder’s tax effects when receiving distributions from an S corporation.
- Correctly report various pass-through items from Schedule K-1 on Form 1040, including unique items, such as the sale of property when §179 was deducted.
- Demonstrate learned content through the participation of a comprehensive case study.
This webinar includes the presentation slides, exam questions and live webinar recording with review questions. CPE is issued after exam is successfully completed.
Genaro Cardaropoli, CPA