K-1

[TAX]

Scorp received K-1 from limited partnership.

Where do you report on scorp?

K1 has items like dividends, shirt term gain etc

Thank you!

[BHoffman]

Pita

These are a PITA. The items retain their nature, so they need to be entered onto the 1120S as Interest Income, Dividend Income, Capital Gain, etc. The description I use is: "From K1 EIN XX-XXXXXXX".

Watch out for too much passive income for Scorps.

[TAX]

These are a PITA. The items retain their nature, so they need to be entered onto the 1120S as Interest Income, Dividend Income, Capital Gain, etc. The description I use is: "From K1 EIN XX-XXXXXXX".

Watch out for too much passive income for Scorps.

On what page do you enter these items?


What happens when passive income is too much?
Do IRS take away "S" status or there is penalty?

Thanks!

[veritas]

Excess net passive income tax

does not apply to a corporation that has always been an S-Corportaion.

[BHoffman]

Yep. Veritas is right on. Sorry for causing any alarm.

Need.....food.....rest.....sunlight.....