K-1's for 1120-S

Summary

Individuals 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 course 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.

Objectives

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, 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.

Course Details

This course includes an e-book. CPE is issued after exam is successfully completed.




   

Presented by:

How to Earn CPE

To receive credit for this on-demand webinar, you must make at least one attempt to answer each of the review questions included with the webinar video. You also must successfully pass the course exam with a score of 70% or better.

The course and exam will expire one year from the date of purchase.

Cancellation Policy

​Because this is an online education offering, it is nonrefundable.

eweb keepalive image