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Frequently Asked Questions

When to issue K1?

S-Corporations are required to issue a Schedule K-1 to shareholders by March 15th (the deadline for Form 1120S), or by the extended deadline (September 15th).

Is K1 considered earned income?

Is K-1 income from an S-Corp earned income. Yes normally income reported on K-1 is not earned income but it is important to be aware of the risk to you if the IRS deems that your salary is not reasonable for your position and makes you include part of the business income as earned income subject to Social Security taxes. Thank You Tom.

What information is included on a K1 statement?

A K1 is a partnership statement and contains the types of income received and types of expenses paid. These amounts are allocated by percentage to the partners.

What are distributions on K1?

Schedule K-1 is a tax form that a partnership generates to report a partner's share of income, deductions, credits and distributions and other relevant information. Some of the details are purely informational, while other details must be carried over to the partner's main Form 1040.

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