![]() S corporations are required by law to submit an annual tax return. Part III - Shareholder’s Share of Current Year Income, Deductions, Credits, and Other Items.Part II - Information About the Shareholder.Part I - Information About the Corporation.Each owner gets their own copy used to complete their personal tax returns. ![]() The corporation submits a copy of all K-1s to the IRS with the 1120S form. Schedule K-1 records each owners’ share of the business’s income, deductions, credits, and other financial items. You can find a blank copy of the Schedule K-1 for Form 1120S on the IRS website. 1120S K-1, formally known as Schedule K-1 Form 1120S, is an IRS tax form used by owners and investors of S corporations.
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