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Subject Author Date
Re: S Corporation Tax togo 08-30-2007
|--> Re: S Corporation Tax Benjamin Yazers...09-01-2007
Posted by togo on August 30, 2007, 11:20 pm
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 Hello. I am in a similar situation. Not certain as to where
the deductions are to be taken. I think (but want to
confirm) that the scehdule E (form 1040) Part II is for
Income/Loss from S Corps (from Schedule K-1) which is then
reported on the 1040 Form line 17. Does this sound right,
can someone confirm this?

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Posted by Benjamin Yazersky CPA on September 1, 2007, 12:08 am
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> Hello. I am in a similar situation. Not certain as to where
> the deductions are to be taken. I think (but want to
> confirm) that the scehdule E (form 1040) Part II is for
> Income/Loss from S Corps (from Schedule K-1) which is then
> reported on the 1040 Form line 17. Does this sound right,
> can someone confirm this?

The S corp reports its income to the shareholder(s) on form
k1 as do partnerships. The various items reported on form k1
can go to about 20 or so different places on form 1040.

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Harlan Lunsford on September 10, 2007, 6:58 pm
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togo wrote:

> Hello. I am in a similar situation. Not certain as to where
> the deductions are to be taken. I think (but want to
> confirm) that the scehdule E (form 1040) Part II is for
> Income/Loss from S Corps (from Schedule K-1) which is then
> reported on the 1040 Form line 17. Does this sound right,
> can someone confirm this?

Okay, so far, so good! Now, what you have to make sure of,
is that the K1 itself is correct. This is not a job for
most people. I would recommend using the services of a
professional, either a Certified Public Accountant (CPA) or
Enrolled Agent (EA). (next time I'll mention EA first, in
the interest of fair play! (grin))

ChEAr$,
Harlan Lunsford, EA n LA

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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