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New York does not provide a Schedule K-1 or Schedule K-1 equivalent to shareholders in an S Corporation. Instead, NY Shareholder’s Share of Modifications and Credits provides each shareholder with the necessary information to use in preparing their return. Nonresident shareholders use the business apportionment factor to determine the business income, losses, and deductions reported on federal Schedule K-1 that are derived from New York State sources.

Related topic: 1120 New York frequently asked questions

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