How to Fill Out Schedule K-1 Form 1120 S

Schedule K-1 form 1120 S has to be filled for all shareholders of your S Corporation. You are required to give one copy to each shareholder by January 31st. You need to attach one copy of your Schedule K-1 form 1120 S to your form 1120 S and send it to IRS by March 15th. Keep one copy in your business file. Use your copy of schedule K-1 to file your 1040 if you are a shareholder as well.


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The forms and instructions you need include:
Form 1120S U.S. Income Tax Return for an S Corporation
Instruction for Form 1120S
Schedule K-1 (Form 1120S)
Compensation of Officers
The Worksheet for Figuring a Shareholder’s Stock and Debt Basis Part I- Shareholder Stock Basis can be found in the instructions for Schedule K-1 (Form 1120S) page 4
Part III-Allowable Loss and Deduction Items is on page 7 of Instructions for Schedule K-1 (Form 1120S)
Instructions Form 1125-E

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