The National Association of Tax Professionals

The National Association of Tax Professionals

Dodge Double Trouble of the 1120S K-1 and Basis

  • Topic(s): Business
  • Presenter(s): Melinda Garvin EA, RTRP
  • Session#: 934-21
  • Session Length: 100 min
  • Program: NATP National Conference 2014
  • Date: Aug 11, 2014
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Dodge Double Trouble of the 1120S K-1 and Basis - Details:

A Schedule K-1 from an S corporation may not appear to be as complicated as other Schedule K-1 types. However, hiding behind the scenes is the shareholder basis worksheet. Tax professionals shouldn't put information from a shareholder's Schedule K-1 on the shareholder's personal tax return without it. In this session, we use various S corporation Schedule K-1s to show you how to transfer information from the Schedule K-1 to the shareholder's tax return and basis worksheet. Learn how to reconstruct shareholder basis when a shareholder comes to you without prior basis worksheets. We don't cover how to prepare an S corporation return, but rather show you how to prepare an individual tax return for someone who is a shareholder in an S corporation.