1120-US: Amounts on Schedule K-1 (FAQ)

Alerts and notices
Leave feedback

Internal Employees: Submit feedback

Contact information (optional):

Leave this blank:

Please tell us how we can make this information more helpful.


Characters left:

Change to CS Support service hours

Our Support department is closed on [[date]]. However, limited UltraTax CS phone support is available on that date from 9 AM - 5 PM ET due to the approaching deadline.

Links to our most popular tax processing topics are available in the Alerts and notices section on the right side of most pages.

Question

Why doesn’t Schedule K-1 reflect the amounts limited by the shareholder’s basis in the S Corporation?

Answer

Based on the Shareholder’s instructions for Schedule K-1 (Form 1120S), the amounts shown on Schedule K-1 reflect the shareholder’s share of income, loss, deductions, credits, and other items without reference to limitations on losses, credits or other items that may have to be adjusted because of any of the following.

Related topic: 1120-US: Form 1120S - common FAQs

Share This