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https://www.irs.gov/pub/irs-pdf/f1120s.pdf

Form 1120-S 2020 U.S. Income Tax Return for an S Corporation Department of the Treasury Internal Revenue Service Do not file this form unless the corporation has filed or email . html

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irs.gov

https://www.irs.gov/instructions/i1120s

Line 1a. Gross Receipts or Sales Line 1a. Gross Receipts or Sales Enter on line 1a gross receipts or sales from all business operations except for amounts that must be reported on lines 4 and 5. Special rules apply to certain income, as discussed below. Advance payments. In general, advance payments are reported in the year of receipt. For exceptions to this general rule for corporations that use an accrual method of accounting, see the following. To report income from long-term contracts, see section 460. For permissible methods for reporting advance payments for goods and services, see the "Applicability Dates" discussion in the final section 451(c) regulations, T.D. 9941. For information on adopting or changing to a permissible method for reporting advance payments for goods and services by an accrual method corporation, see the Instructions for Form 3115. Installment sales. Generally, the installment method can't be used for dealer dispositions of property. A "dealer disposition" is any disposition of: Personal property by a person who regularly sells or otherwise disposes of personal property of the same type on the installment plan, or Real property held for sale to customers in the ordinary course of the taxpayer's trade or business. These restrictions on using the installment method don't apply to dispositions of property used or produced in a farming business or sales of timeshares and residential lots for which the corporation elects to pay interest under section 453(l)(3). For sales of timeshares and residential lots reported under the installment method, each shareholder's income tax is increased by the shareholder's pro rata share of the interest payable under section 453(l)(3). Enter on line 1a the gross profit on collections from installment sales for any of the following. Dispositions of property used or produced in the trade or business of farming. Certain dispositions of timeshares and residential lots reported under the installment method. Attach a statement showing the following information for the current and the 3 preceding years. Gross sales. Cost of goods sold. Gross profits. Percentage of gross profits to gross sales. Amount collected. Gross profit on the amount collected.Line 1b. Returns and Allowances Line 1b. Returns and Allowances Enter cash and credit refunds the corporation made to customers for returned merchandise, rebates, and other allowances made on gross receipts or sales.Line 2. Cost of Goods Sold Line 2. Cost of Goods Sold Complete and attach Form 1125-A, Cost of Goods Sold, if applicable. Enter on line 2 the amount from Form 1125-A, line 8. See Form 1125-A and its instructions.Line 4. Net Gain (Loss) From Form 4797 Line 4. Net Gain (Loss) From Form 4797 .Include only ordinary gains or losses from the sale, exchange, or involuntary conversion of assets used in a trade or business activity. Ordinary gains or losses from the sale, exchange, or involuntary conversion of rental activity assets are reported separately on line 19 of Form 8825, or line 3 of Schedule K, and box 3 of Schedule K-1, generally as a part of the net income (loss) from the rental activity.. A corporation that is a partner in a partnership must include on Form 4797, Sales of Business Property, its share of ordinary gains (losses) from sales, exchanges, or involuntary conversions (other than casualties or thefts) of the partnership's trade or business assets. Corporations shouldn't use Form 4797 to report the sale or other disposition of property if a section 179 expense deduction was previously passed through to any of its shareholders for that property. Instead, report it in box 17 of Schedule K-1 using code K. See Dispositions of property with section 179 deductions (code K), later, for details.Line 5. Other Income (Loss) Line 5. Other Income (Loss) Enter any other trade or business income (loss) not included on lines 1a through 4. List the type and amount of income on an attached statement. Examples of other income include the following. Interest income derived in the ordinary course of the corporation's trade or business, such as interest charged on receivable balances. See Temporary Regulations section 1.469-2T(c)(3). Recoveries of bad debts deducted in prior years under the specific charge-off method. Taxable income from insurance proceeds. Any amount included in income from line 2 of Form 6478, Biofuel Producer Credit, if applicable. Any amount included in income from line 8 of Form 8864, Biodiesel and Renewable Diesel Fuels Credit, if applicable. The recapture amount under section 280F if the business use of listed property drops to 50% or less. To figure the recapture amount, complete Part IV of Form 4797. All section 481 income adjustments resulting from changes in accounting methods. Show the computation of the section 481 adjustments on an attached statement. Part or all of the proceeds received from certain corporate-owned life insurance contracts issued after August 17, 2006. Corporations that own one or more employer-owned life insurance contracts issued after this date must file Form 8925, Report of Employer-Owned Life Insurance Contracts. See section 101(j) for details. The amount of payroll tax credit taken by an employer for qualified paid sick leave and qualified paid family leave under sections 7001 and 7003 of the Families First Coronavirus Response Act, as amended. See Form 941, lines 11b and 13c; Form 944, lines 8b and 10d; or Form 943, lines 12b and 14d. Don't include items requiring separate computations by shareholders that must be reported on Schedules K and K-1. See the instructions for Schedules K and K-1 later in these instructions.Line 7. Compensation of Officers and Line 8. Salaries and Wages Line 7. Compensation of Officers and Line 8. Salaries and Wages .Distributions and other payments by an S corporation to a corporate officer must be treated as wages to the extent the amounts are reasonable compensation for services rendered to the corporation.. Enter on line 7 the total compensation of all officers paid or incurred in the trade or business activities of the corporation. The corporation determines who is an officer under the laws of the state where it is incorporated. Enter on line 8 the total salaries and wages paid or incurred to employees (other than officers) during the tax year. .If the corporation claims a credit for any wages paid or incurred, it may need to reduce the amounts on lines 7 and 8. See Reducing certain expenses for which credits are allowable, earlier.. .Also reduce the amounts reported on lines 7 and 8 by the nonrefundable and refundable portions of the new CARES Act employee retention credit claimed on the corporation's employment tax return(s).. Don't include salaries and wages reported elsewhere on the return, such as amounts included in cost of goods sold, elective contributions to a section 401(k) cash or deferred arrangement, or amounts contributed under a salary reduction SEP agreement or a SIMPLE IRA plan. If the corporation's total receipts (page 1, line 1a, plus lines 4 and 5; income reported on Schedule K, lines 3a, 4, 5a, and 6; income or net gain reported on Schedule K, lines 7, 8a, 9, and 10; and income or net gain reported on Form 8825, lines 2, 19, and 20a) are $500,000 or more, complete Form 1125-E, Compensation of Officers. Enter on Form 1120-S, line 7, the amount from Form 1125-E, line 4. Include fringe benefit expenditures made on behalf of officers and employees owning more than 2% of the corporation's stock. Also report these fringe benefits as wages in box 1 of Form W-2. Don't include amounts paid or incurred for fringe benefits of officers and employees owning 2% or less of the corporation's stock. These amounts are reported on line 18. See the instructions for that line for information on the types of expenditures that are treated as fringe benefits and for the stock ownership rules. Report amounts paid for health insurance coverage for a more-than-2% shareholder (including that shareholder's spouse, dependents, and any children under age 27 who aren't dependents) as an information item in box 14 of that shareholder's Form W-2. A more-than-2% shareholder may be allowed to deduct such amounts on Schedule 1 (Form 1040), line 16. To find out if the shareholder can claim this deduction, see Self-Employed Health Insurance Deduction in chapter 6 of Pub. 535, Business Expenses. If a shareholder or a member of the family of one or more shareholders of the corporation renders services or furnishes capital to the corporation for which reasonable compensation isn’t paid, the IRS may make adjustments in the items taken into account by such individuals to reflect the value of such services or capital. See section 1366(e).Line 9. Repairs and Maintenance Line 9. Repairs and Maintenance Enter the cost of repairs and maintenance not claimed elsewhere on the return, such as labor and supplies, that don't add to the value of the property or appreciably prolong its life. The corporation can deduct these repairs only to the extent they relate to a trade or business activity. See Regulations section 1.162-4. The corporation may elect to capitalize certain repair and maintenance costs consistent with its books and records. See Regulations section 1.263(a)-3(n) for information on how to make the election. New buildings, machinery, or permanent improvements that increase the value of the property aren't deductible as repair and maintenance expenses. These expenses must be capitalized and depreciated or amortized. However, amounts paid for routine maintenance on property, including buildings, may be deductible. See Regulations section 1.263(a)-3(i).Line 10. Bad Debts Line 10. Bad Debts Enter the total debts that became worthless in whole or in part during the tax year, but only to the extent such debts relate to a trade or business activity. Report deductible nonbusiness bad debts as a short-term capital loss on Form 8949, Sales and Other Dispositions of Capital Assets. A corporation that uses the cash method of accounting can't claim a bad debt deduction unless the amount was previously included in income.Line 11. Rents Line 11. Rents Enter rent paid on business property used in a trade or business activity. Don't deduct rent for a dwelling unit occupied by any shareholder for personal use. If the corporation rented or leased a vehicle, enter the total annual rent or lease expense paid or incurred in the trade or business activities of the corporation during the tax year. Also complete Part V of Form 4562. If the corporation leased a vehicle for a term of 30 days or more, the deduction for vehicle lease expense may have to be reduced by including in gross income an amount called the "inclusion amount." The corporation may have an inclusion amount if: The lease term began: And the vehicle's FMV on the first day of the lease exceeded: Cars (excluding trucks and vans)   After 12/31/17 but before 1/1/21 $50,000 After 12/31/12 but before 1/1/18 $19,000 After 12/31/07 but before 1/1/13 $18,500 Trucks and vans   After 12/31/17 but before 1/1/21 $50,000 After 12/31/13 but before 1/1/18 $19,500 After 12/31/09 but before 1/1/14 $19,000 After 12/31/08 but before 1/1/10 $18,500 After 12/31/07 but before 1/1/09 $19,000 See Pub. 463, Travel, Gift, and Car Expenses, for instructions on figuring the inclusion amount. Note. The inclusion amount for lease terms beginning in 2021 will be published in early 2021.Line 12. Taxes and Licenses Line 12. Taxes and Licenses Enter taxes and licenses paid or incurred in the trade or business activities of the corporation, unless they are reflected elsewhere on the return. Federal import duties and federal excise and stamp taxes are deductible only if paid or incurred in carrying on the trade or business of the corporation. .Do not reduce your deduction for social security and Medicare taxes by the following amounts claimed on the corporation's employment tax returns: (1) the nonrefundable and refundable portions of the new CARES Act employee retention credit, and (2) the nonrefundable and refundable portions of the new FFCRA credits for qualified sick and family leave wages. Instead, item (1) reduces your deduction for wages on lines 7 and 8, and item (2) must be reported as income on line 5. . Don't deduct the following taxes on line 12. Federal income taxes (except for the portion of built-in gains tax allocable to ordinary income) or taxes reported elsewhere on the return. Section 901 foreign taxes. Report these taxes on line 14p of Schedule K and in box 14 of Schedule K-1 using codes P and Q. Taxes allocable to a rental activity. Report taxes allocable to a rental real estate activity on Form 8825. Report taxes allocable to a rental activity other than a rental real estate activity on line 3b of Schedule K. Taxes paid or incurred for the production or collection of income, or for the management, conservation, or maintenance of property held to produce income. Report these taxes separately on line 12d of Schedule K and in box 12 of Schedule K-1 using code S. See section 263A(a) for rules on capitalization of allocable costs (including taxes) for any property. Taxes not imposed on the corporation. Taxes, including state or local sales taxes, that are paid or incurred in connection with an acquisition or disposition of property (these taxes must be treated as a part of the cost of the acquired property or, in the case of a disposition, as a reduction in the amount realized on the disposition). Taxes assessed against local benefits that increase the value of the property assessed (such as for paving, etc.). See section 164(d) for information on apportionment of taxes on real property between seller and purchaser.Line 13. Interest Line 13. Interest Include only interest incurred in the trade or business activities of the corporation that isn't claimed elsewhere on the return. Don't include interest expense on the following. On debt used to purchase rental property or debt used in a rental activity. Interest allocable to a rental real estate activity is reported on Form 8825 and is used in arriving at net income (loss) from rental real estate activities on line 2 of Schedule K and in box 2 of Schedule K-1. Interest allocable to a rental activity other than a rental real estate activity is included on line 3b of Schedule K and is used in arriving at net income (loss) from a rental activity (other than a rental real estate activity). This net amount is reported on line 3c of Schedule K and in box 3 of Schedule K-1. On debt used to buy property held for investment. Interest that is clearly and directly allocable to interest, dividend, royalty, or annuity income not derived in the ordinary course of a trade or business is reported on line 12b of Schedule K and in box 12 of Schedule K-1 using code H. See the instructions for line 12b of Schedule K; for box 12, code H of Schedule K-1; and Form 4952, Investment Interest Expense Deduction, for more information on investment property. On debt proceeds allocated to distributions made to shareholders during the tax year. Instead, report such interest on line 12d of Schedule K and in box 12 of Schedule K-1 using code S. To determine the amount to allocate to distributions to shareholders, see Notice 89-35, 1989-1 C.B. 675. On debt required to be allocated to the production of designated property. Designated property includes real property, personal property that has a class life of 20 years or more, and other tangible property requiring more than 2 years (1 year in the case of property with a cost of more than $1 million) to produce or construct. Interest allocable to designated property produced by a corporation for its own use or for sale must be capitalized. In addition, a corporation must also capitalize any interest on debt allocable to an asset used to produce designated property. A shareholder may have to capitalize interest that the shareholder incurs during the tax year for the S corporation's production expenditures. Similarly, interest incurred by an S corporation may have to be capitalized by a shareholder for the shareholder's own production expenditures. The information required by the shareholder to properly capitalize interest for this purpose must be provided by the corporation on an attachment for box 17 of Schedule K-1 using code P. See section 263A(f) and Regulations sections 1.263A-8 through 1.263A-15. Special rules apply to the following. Allocating interest expense among activities so that the limitations on passive activity losses, investment interest, and personal interest can be properly figured. Generally, interest expense is allocated in the same manner as debt is allocated. Debt is allocated by tracing disbursements of the debt proceeds to specific expenditures. Temporary Regulations section 1.163-8T gives rules for tracing debt proceeds to expenditures. Prepaid interest, which generally can only be deducted over the term of the debt. See Regulations sections 1.163-7, 1.446-2, and 1.1273-2(g) for details. Also see section 461(g). Interest that is allocable to unborrowed policy cash values of life insurance, endowment, or annuity contracts issued after June 8, 1997. See section 264(f). Attach a statement showing the computation of the deduction. Forgone interest on below-market-rate loans (see section 7872). Limitation on deduction. Business interest expense is generally limited to the sum of business interest income, 30% of adjusted taxable income, and floor plan financing interest. The CARES Act retroactively increases the amount of business interest expense that may be deducted for tax years beginning in 2019 and 2020 by figuring the section 163(j) limitation using 50% of your adjusted taxable income (ATI) instead of 30%. See Form 8990, Limitation on Business Interest Expense Under Section 163(j), and its instructions for more information. The limitation applies at the S corporation level, and any excess business interest expense is carried over at the corporate level. Business interest expense includes any interest paid or accrued on indebtedness properly allocable to a trade or business. A small business taxpayer is a taxpayer that isn’t a tax shelter (as defined in section 448(d)(3)) and has average annual gross receipts of $26 million or less for the 3 prior tax years under the gross receipts test of section 448(c). Gross receipts include the aggregate gross receipts from all persons treated as a single employer, such as a controlled group of corporations, commonly controlled partnerships or proprietorships, and affiliated service groups. If the corporation fails to meet the gross receipts test, Form 8990, Limitation on Business Interest Expense Under Section 163(j), is generally required. Also see Schedule B, questions 9 and 10.Line 14. Depreciation Line 14. Depreciation Enter the depreciation claimed on assets used in a trade or business activity less any depreciation reported elsewhere (for example, on Form 1125-A). See the Instructions for Form 4562, or Pub. 946, How To Depreciate Property, to figure the amount of depreciation to enter on this line. Complete and attach Form 4562 only if the corporation placed property in service during the tax year or claims depreciation on any car or other listed property. Don't include any section 179 expense deduction on this line. This amount isn't deducted by the corporation. Instead, it is passed through to the shareholders in box 11 of Schedule K-1. However, reduce the basis of any asset of the S corporation by the amount of section 179 expense elected by the S corporation, even if a portion of that amount can't be passed through to its shareholders this year and must be carried forward because of limitations at the S corporation level. See Regulations section 1.179-1(f)(2).Line 15. Depletion Line 15. Depletion If the corporation claims a deduction for timber depletion, complete and attach Form T (Timber), Forest Activities Schedule. .Don't deduct depletion for oil and gas properties. Each shareholder figures depletion on oil and gas properties. See the instructions for Schedule K-1, box 17, code R, for the information on oil and gas depletion that must be supplied to the shareholders by the corporation..Line 17. Pension, Profit-Sharing, etc., Plans Line 17. Pension, Profit-Sharing, etc., Plans Enter the deductible contributions not claimed elsewhere on the return made by the corporation for its employees under a qualified pension, profit-sharing, annuity, or simplified employee pension (SEP) or SIMPLE IRA plan, or any other deferred compensation plan. If the corporation contributes to an individual retirement arrangement (IRA) for employees, include the contribution in salaries and wages on page 1, line 8, or Form 1125-A, line 3, and not on line 17. Employers who maintain a pension, profit-sharing, or other funded deferred compensation plan, whether or not the plan is qualified under the Internal Revenue Code and whether or not a deduction is claimed for the current tax year, must generally file the applicable form listed below. Form 5500, Annual Return/Report of Employee Benefit Plan. Form 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan. File this form instead of Form 5500 generally if there were under 100 participants at the beginning of the plan year. Form 5500-EZ, Annual Return of A One-Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan. File this form for a plan that only covers the owner (or the owner and his or her spouse) but only if the owner (or the owner and his or her spouse) owns the entire business. .Form 5500 and Form 5500-SF must be filed electronically under the computerized ERISA Filing Acceptance System (EFAST2). For more information, see the EFAST2 website at .. There are penalties for not filing these forms on time and for overstating the pension plan deduction. See sections 6652(e) and 6662(f).Line 18. Employee Benefit Programs Line 18. Employee Benefit Programs Enter amounts for fringe benefits paid or incurred on behalf of employees owning 2% or less of the corporation's stock. These fringe benefits include (a) employer contributions to certain accident and health plans, (b) the cost of up to $50,000 of group-term life insurance on an employee's life, and (c) meals and lodging furnished for the employer's convenience. Don't deduct amounts that are an incidental part of a pension, profit-sharing, etc., plan included on line 17 or amounts reported elsewhere on the return or on Form 1125-A. Report amounts for fringe benefits paid on behalf of employees owning more than 2% of the corporate stock on line 7 or 8 (or Form 1125-E), whichever applies. An employee is considered to own more than 2% of the corporation's stock if that person owns on any day during the tax year more than 2% of the outstanding stock of the corporation or stock possessing more than 2% of the combined voting power of all stock of the corporation. See section 318 for attribution rules.Line 19. Other Deductions Line 19. Other Deductions Enter the total allowable trade or business deductions that aren't deductible elsewhere on page 1 of Form 1120-S. Attach a statement listing by type and amount each deduction included on this line. Examples of other deductions include the following. Amortization. See Part VI of Form 4562. Certain business start-up and organizational costs (discussed earlier). Insurance premiums. Legal and professional fees. Supplies used and consumed in the business. Travel, meal, and entertainment expenses. Special rules apply (discussed later). Utilities. Deduction for certain costs of energy efficient commercial building property. See section 179D. Any net negative section 481(a) adjustment. Don't deduct the following on line 19. Items that must be reported separately on Schedules K and K-1. Fines or similar penalties paid to or at the direction of a government or governmental entity for violating any law. However, see exceptions (discussed later). Report these expenses on Schedule K, line 16c. Expenses allocable to tax-exempt income. Report these expenses on Schedule K, line 16c. Amounts paid or incurred for any settlement, payout, or attorney fees related to sexual harassment or sexual abuse, if such payments are subject to a nondisclosure agreement. See section 162(q).Line 21. Ordinary Business Income (Loss) Line 21. Ordinary Business Income (Loss) Enter this income or loss on line 1 of Schedule K. Line 21 income is not used in figuring the excess net passive income or built-in gains taxes. See the instructions for line 22a for figuring taxable income for purposes of these taxes.Line 22a. Excess Net Passive Income and LIFO Recapture Tax Line 22a. Excess Net Passive Income and LIFO Recapture Tax These taxes can apply if the corporation was previously a C corporation or if the corporation engaged in a tax-free reorganization with a C corporation. Excess net passive income tax. If the corporation has AE&P at the close of its tax year and has passive investment income for the tax year that is in excess of 25% of gross receipts, the corporation must figure its excess net passive income and pay tax on it. To make this determination, complete lines 1 through 3 and line 9 of the Excess Net Passive Income Tax Worksheet for Line 22a. If line 2 is greater than line 3 and the corporation has taxable income (see the instructions for line 9 of the worksheet), it must pay the tax. Complete a separate statement using the format of lines 1 through 11 of the worksheet to figure the tax. Enter the tax on line 22a, page 1, Form 1120-S, and attach the computation statement to Form 1120-S. Reduce each item of passive investment income passed through to shareholders by its portion of any excess net passive income tax reported on line 22a. See section 1366(f)(3). Excess Net Passive Income Tax Worksheet for Line 22a 1. Enter gross receipts for the tax year (see section 1362(d)(3)(B) for gross receipts from the sale of capital assets)*   4. Excess passive investment income—Subtract line 3 from line 2   8. Excess net passive income—Multiply line 6 by line 7                     5. Enter deductions directly connected with the production of the income listed on line 2 (see section 1375(b)(2))*         2. Enter passive investment income as defined in section 1362(d)(3)(C)*   9. Enter taxable income (see instructions for taxable income below)   3. Multiply line 1 by 25% (0.25). (If line 2 is less than line 3, stop here. You aren't liable for this tax.)                           6. Net passive income—Subtract line 5 from line 2   10. Enter smaller of line 8 or line 9             % 11. Excess net passive income tax—Multiply line 10 by 21% (0.21). Enter here and on Form 1120-S, line 22a           7. Divide amount on line 4 by amount on line 2   *Income and deductions on lines 1, 2, and 5 are from total operations for the tax year. This includes applicable income and expenses from page 1, Form 1120-S, as well as those imported separately on Schedule K. See section 1375(b)(4) for an exception regarding lines 2 and 5. Line 9 of Worksheet—Taxable Income Taxable income, for this purpose, is defined in Regulations section 1.1374-1A(d)(1). Figure this income by completing lines 1 through 28 of Form 1120, U.S. Corporation Income Tax Return. Include the Form 1120 computation with the worksheet computation you attach to Form 1120-S. You don't have to attach the schedules, etc., called for on Form 1120. However, you may want to complete certain Form 1120 schedules, such as Schedule D (Form 1120), if you have capital gains or losses. LIFO recapture tax. The corporation may be liable for the additional tax due to LIFO recapture under Regulations section 1.1363-2 if: The corporation used the LIFO inventory pricing method for its last tax year as a C corporation, or A C corporation transferred LIFO inventory to the corporation in a nonrecognition transaction in which those assets were transferred basis property. The additional tax due to LIFO recapture is figured for the corporation's last tax year as a C corporation or for the tax year of the transfer, whichever applies. See the Instructions for Form 1120 to figure the tax. The tax is paid in four equal installments. The C corporation must pay the first installment by the due date (not including extensions) of Form 1120 for the corporation's last tax year as a C corporation or for the tax year of the transfer, whichever applies. The S corporation must pay each of the remaining installments by the due date (not including extensions) of Form 1120-S for the 3 succeeding tax years. Include this year's installment in the total amount to be entered on line 22a. To the left of the total on line 22a, enter the installment amount and "LIFO tax."Line 22b. Tax From Schedule D (Form 1120-S) Line 22b. Tax From Schedule D (Form 1120-S) Enter the built-in gains tax from line 23 of Part III of Schedule D. See the instructions for Part III of Schedule D to determine if the corporation is liable for the tax.Line 22c Line 22c Include the following in the total for line 22c. Investment credit recapture tax. The corporation is liable for any required investment credit recapture attributable to credits allowed for tax years for which the corporation wasn't an S corporation. The corporation is also liable for any required qualifying therapeutic discovery project grant recapture. Figure the corporation's investment credit recapture tax and qualifying therapeutic discovery project grant recapture tax by completing Form 4255, Recapture of Investment Credit. See the Instructions for Form 4255. To the left of the line 22c total, enter the amount of recapture tax and "Tax From Form 4255." Attach Form 4255 to Form 1120-S. Interest due under the look-back method—Completed long-term contracts. If the corporation owes this interest, attach Form 8697, Interest Computation Under the Look-Back Method for Completed Long-Term Contracts. To the left of the total on line 22c, enter the amount owed and "From Form 8697." Interest due under the look-back method—Property depreciated under the income forecast method. If the corporation owes this interest, attach Form 8866, Interest Computation Under the Look-Back Method for Property Depreciated Under the Income Forecast Method. To the left of the total on line 22c, enter the amount owed and "From Form 8866."Line 23e Line 23e If the corporation is the beneficiary of a trust, and the trust makes a section 643(g) election to credit its estimated tax payments to its beneficiaries, include the corporation's share of the payment in the total for line 23e. Enter "T" and the amount on the dotted line to the left of the entry space.Line 24. Estimated Tax Penalty Line 24. Estimated Tax Penalty If Form 2220 is attached, check the box on line 24 and enter the amount of any penalty on this line.Line 25. Amount Owed Line 25. Amount Owed If the corporation can't pay the full amount of tax owed, it can apply for an installment agreement online. The corporation can apply for an installment agreement online if: It can't pay the full amount shown on line 25, The total amount owed is $25,000 or less, and The corporation can pay the liability in full in 24 months. To apply using the Online Payment Agreement Application, go to . Under an installment agreement, the corporation can pay what it owes in monthly installments. There are certain conditions that must be met to enter into and maintain an installment agreement, such as paying the liability within 24 months and making all required deposits and timely filing tax returns during the length of the agreement. If the installment agreement is accepted, the corporation will be charged a fee and it will be subject to penalties and interest on the amount of tax not paid by the due date of the return.Questions 14a and 14b Questions 14a and 14b If the corporation made any payment in 2020 that would require it to file any Form(s) 1099, check the "Yes" box for question 14a and answer question 14b. Otherwise, check the "No" box for question 14a and skip question 14b. See on IRS.gov.Line 1. Ordinary Business Income (Loss) Line 1. Ordinary Business Income (Loss) Enter the amount from Form 1120-S, page 1, line 21. Enter the income (loss) without reference to the shareholder's: Basis in the stock of the corporation and in any indebtedness of the corporation to the shareholders (section 1366(d)), At-risk limitations, and Passive activity limitations. These limitations, if applicable, are determined at the shareholder level. Line 1 shouldn't include rental activity income (loss) or portfolio income (loss). Schedule K-1. Enter each shareholder's pro rata share of ordinary business income (loss) in box 1 of Schedule K-1. Identify on statements attached to Schedule K-1 any additional information the shareholder needs to correctly apply the passive activity limitations. For example, if the corporation has more than one trade or business activity, identify the amount from each activity. See Passive Activity Reporting Requirements, earlier.Line 3. Other Net Rental Income (Loss) Line 3. Other Net Rental Income (Loss) Enter on line 3a gross income from rental activities other than those reported on Form 8825. Include on line 3a gain (loss) from line 17 of Form 4797 that is attributable to the sale, exchange, or involuntary conversion of an asset used in a rental activity other than a rental real estate activity. Enter on line 3b the deductible expenses of the activity. Attach a statement of these expenses to Form 1120-S. Enter on line 3c the net income (loss). See Rental Activities, earlier, and Pub. 925, for more information on rental activities. Schedule K-1. Enter in box 3 of Schedule K-1 each shareholder's pro rata share of other net rental income (loss) reported on line 3c of Schedule K. Identify on statements attached to Schedule K-1 any additional information the shareholder needs to correctly apply the passive activity limitations. For example, if the corporation has more than one rental activity reported in box 3, identify the amount from each activity. See Passive Activity Reporting Requirements, earlier.Line 5a. Ordinary Dividends Line 5a. Ordinary Dividends Enter only taxable ordinary dividends on line 5a, including any qualified dividends reported on line 5b. An S corporation that directly or indirectly (through pass-through entities only) owns (within the meaning of section 958(a)) stock in a foreign corporation may have income inclusions (for example, subpart F income and GILTI inclusions) with respect to the foreign corporation and, as a result, previously taxed earnings and profits (PTEP) in annual PTEP accounts with respect to the foreign corporation. Do not include ordinary dividends or qualified dividends received from a foreign corporation to the extent that they are attributable to PTEP in annual PTEP accounts of the S corporation with respect to the foreign corporation. See Notice 2019-01. The amount by which ordinary dividends and qualified dividends are attributable to PTEP in annual PTEP accounts of a person other than the S corporation is not relevant for purposes of determining the ordinary dividends to be entered on line 5a. Note. An annual PTEP account of the S corporation is different than the shareholders’ undistributed taxable income previously taxed account, as discussed in the instructions to Schedule M-2, column (b). Schedule K-1. Enter each shareholder's pro rata share of ordinary dividends in box 5a of Schedule K-1.Line 5b. Qualified Dividends Line 5b. Qualified Dividends Enter qualified dividends on line 5b. Except as provided below, qualified dividends are dividends received from domestic corporations and qualified foreign corporations. Do not include qualified dividends to the extent that they are attributable to PTEP in annual PTEP accounts of the S corporation. See Notice 2019-01. The amount by which qualified dividends are attributable to PTEP in annual PTEP accounts of a person other than the S corporation is not relevant for purposes of determining the qualified dividends to be entered on line 5b. Note. An annual PTEP account of the S corporation is different than the shareholders’ undistributed taxable income previously taxed account, as discussed in the instructions to Schedule M-2, column (b). Exceptions. The following dividends aren't qualified dividends. Dividends the corporation received on any share of stock held for less than 61 days during the 121-day period that began 60 days before the ex-dividend date. When determining the number of days the corporation held the stock, don't count certain days during which the corporation's risk of loss was diminished. The ex-dividend date is the first date following the declaration of a dividend on which the purchaser of a stock isn't entitled to receive the next dividend payment. When counting the number of days the corporation held the stock, include the day the corporation disposed of the stock but not the day the corporation acquired it. Dividends attributable to periods totaling more than 366 days that the corporation received on any share of preferred stock held for less than 91 days during the 181-day period that began 90 days before the ex-dividend date. When determining the number of days the corporation held the stock, don't count certain days during which the corporation's risk of loss was diminished. Preferred dividends attributable to periods totaling less than 367 days are subject to the 61-day holding period rule above. Dividends that relate to payments that the corporation is obligated to make with respect to short sales or positions in substantially similar or related property. Dividends paid by a regulated investment company that aren't treated as qualified dividend income under section 854. Dividends paid by a real estate investment trust that aren't treated as qualified dividend income under section 857(c). See Pub. 550, Investment Income and Expenses, for more details. Qualified foreign corporation. A foreign corporation is a qualified foreign corporation if it is: Incorporated in a possession of the United States, or Eligible for benefits of a comprehensive income tax treaty with the United States that the Secretary determines is satisfactory for this purpose and that includes an exchange of information program. See Notice 2011-64, 2011-37 I.R.B. 231, for details. If the foreign corporation doesn't meet either (1) or (2), then it may be treated as a qualified foreign corporation for any dividend paid by the corporation if the stock associated with the dividend paid is readily tradable on an established securities market in the United States. However, qualified dividends don't include dividends paid by an entity which was a passive foreign investment company (defined in section 1297) in either the tax year of the distribution or the preceding tax year. See Notice 2004-71, 2004-45 I.R.B. 793, and Notice 2006-3, 2006-3 I.R.B. 306, for more details. Schedule K-1. Enter each shareholder's pro rata share of qualified dividends in box 5b of Schedule K-1. .If any amounts from line 5b are from foreign sources, see the instructions for lines 14d through 14h, later, for additional statements required..Line 6. Royalties Line 6. Royalties Enter the royalties received by the corporation. Schedule K-1. Enter each shareholder's pro rata share of royalties in box 6 of Schedule K-1.Line 8a. Net Long-Term Capital Gain (Loss) Line 8a. Net Long-Term Capital Gain (Loss) Enter the gain or loss that is portfolio income (loss) from Schedule D (Form 1120-S), line 15. Schedule K-1. Enter each shareholder's pro rata share of net long-term capital gain (loss) in box 8a of Schedule K-1. .If any gain or loss from line 7 or 15 of Schedule D is from the disposition of nondepreciable personal property used in a trade or business, it may not be treated as portfolio income. Instead, report it on line 10 of Schedule K and report each shareholder's pro rata share in box 10 of Schedule K-1 using code H..Line 8b. Collectibles (28%) Gain (Loss) Line 8b. Collectibles (28%) Gain (Loss) Figure the amount attributable to collectibles from the amount reported on Schedule D (Form 1120-S), line 15. A collectibles gain (loss) is any long-term gain or deductible long-term loss from the sale or exchange of a collectible that is a capital asset. Collectibles include works of art, rugs, antiques, metal (such as gold, silver, or platinum bullion), gems, stamps, coins, alcoholic beverages, and certain other tangible property. Also include gain (but not loss) from the sale or exchange of an interest in a partnership or trust held for more than 1 year and attributable to unrealized appreciation of collectibles. For details, see Regulations section 1.1(h)-1. Also attach the statement required under Regulations section 1.1(h)-1(e). Schedule K-1. Report each shareholder's pro rata share of the collectibles (28%) gain (loss) in box 8b of Schedule K-1.Line 8c. Unrecaptured Section 1250 Gain Line 8c. Unrecaptured Section 1250 Gain The three types of unrecaptured section 1250 gain must be reported separately on an attached statement to Form 1120-S. From the sale or exchange of the corporation's business assets. Figure this amount in Part III of Form 4797 for each section 1250 property (except property for which gain is reported using the installment method on Form 6252) for which you had an entry in Part I of Form 4797. Subtract line 26g of Form 4797 from the smaller of line 22 or line 24. Figure the total of these amounts for all section 1250 properties. Generally, the result is the corporation's unrecaptured section 1250 gain. However, if the corporation is reporting gain on the installment method for a section 1250 property held more than 1 year, see the next paragraph. The total unrecaptured section 1250 gain for an installment sale of section 1250 property held more than 1 year is figured in a manner similar to that used in the preceding paragraph. However, the total unrecaptured section 1250 gain must be allocated to the installment payments received from the sale. To do so, the corporation must generally treat the gain allocable to each installment payment as unrecaptured section 1250 gain until all such gain has been used in full. Figure the unrecaptured section 1250 gain for installment payments received during the tax year as the smaller of (a) the amount from line 26 or line 37 of Form 6252 (whichever applies), or (b) the total unrecaptured section 1250 gain for the sale reduced by all gain reported in prior years (excluding section 1250 ordinary income recapture). .If the corporation chose not to treat all of the gain from payments received after May 6, 1997, and before August 24, 1999, as unrecaptured section 1250 gain, use only the amount the corporation chose to treat as unrecaptured section 1250 gain for those payments to reduce the total unrecaptured section 1250 gain remaining to be reported for the sale. See Regulations section 1.453-12.. From the sale or exchange of an interest in a partnership. Also report as a separate amount any gain from the sale or exchange of an interest in a partnership attributable to unrecaptured section 1250 gain. See Regulations section 1.1(h)-1 and attach the statement required under Regulations section 1.1(h)-1(e). From an estate, trust, REIT, or RIC. If the corporation received a Schedule K-1 or Form 1099-DIV from an estate, a trust, a real estate investment trust (REIT), or a regulated investment company (RIC) reporting "unrecaptured section 1250 gain," don't add it to the corporation's own unrecaptured section 1250 gain. Instead, report it as a separate amount. For example, if the corporation received a Form 1099-DIV from a REIT with unrecaptured section 1250 gain, report it as "Unrecaptured section 1250 gain from a REIT." Schedule K-1. Report each shareholder's pro rata share of unrecaptured section 1250 gain from the sale or exchange of the corporation's business assets in box 8c of Schedule K-1. If the corporation is reporting unrecaptured section 1250 gain from an estate, trust, REIT, or RIC, or from the corporation's sale or exchange of an interest in a partnership (as explained above), enter "STMT" in box 8c and an asterisk (*) in the left column of the box and attach a statement that separately identifies the amount of unrecaptured section 1250 gain from: The sale or exchange of the corporation's business assets; The sale or exchange of an interest in a partnership; and An estate, trust, REIT, or RIC. .If any amounts from line 8c are from foreign sources, see the instructions for lines 14d through 14h for additional statements required..Line 12a. Charitable Contributions Line 12a. Charitable Contributions Cash contributions must be supported by a dated bank record or receipt. Generally, no deduction is allowed for any contribution of $250 or more unless the corporation obtains a written acknowledgment from the charitable organization that shows the amount of cash contributed, describes any property contributed, and gives an estimate of the value of any goods or services provided in return for the contribution. The acknowledgment must be obtained by the due date (including extensions) of the corporation's return, or, if earlier, the date the return is filed. Don't attach the acknowledgment to the tax return, but keep it with the corporation's records. These rules apply in addition to the filing requirements for Form 8283, Noncash Charitable Contributions, described under Contributions of property, later. Enter charitable contributions made during the tax year. Attach a statement to Form 1120-S that separately identifies the corporation's contributions for each of the following categories. See Limits on Deductions in Pub. 526, Charitable Contributions, for information on adjusted gross income (AGI) limitations on deductions for charitable contributions. The codes needed for Schedule K-1 reporting are provided for each category. Cash contributions (60%) (code A). Enter cash contributions subject to the 60% AGI limitation. Don’t include in the amount reported using code A the cash contributions reported using code G. For example, report certain cash contributions made in calendar year 2020 or 2021 using code G. Cash contributions (30%) (code B). Enter cash contributions subject to the 30% AGI limitation. Noncash contributions (50%) (code C). Enter noncash contributions subject to the 50% AGI limitation. Don't include food inventory contributions reported separately on an attached statement. Food inventory contributions. Provide the following information on a statement attached to Schedule K-1. The shareholder's pro rata share of the amount of the charitable contributions under section 170(e)(3) for qualified food inventory that was donated to charitable organizations for the care of the ill, needy, and infants. The food must meet all the quality and labeling standards imposed by federal, state, and local laws and regulations. The charitable contribution for donated food inventory is the lesser of (a) the basis of the donated food plus half of the appreciation (gain if the donated food were sold at fair market value (FMV) on the date of the gift), or (b) twice the basis of the donated food. A corporation that doesn’t account for inventories and isn’t required to capitalize indirect costs under section 263A may elect to treat the basis of the donated food as equal to 25% of the FMV of the food. See section 170(e)(3)(C) for more details. The shareholder's pro rata share of the net income for the tax year from the corporation's trades or businesses that made the contributions of food inventory. Qualified conservation contributions. The AGI limit for qualified conservation contributions under section 170(h) is generally 50%. However, if the corporation is a qualified farmer or rancher (farm income is more than 50% of gross income), the AGI limit for qualified conservation contributions of property used in agriculture or livestock production (or available for such production) is 100%. The carryover period is 15 tax years. See section 170(b) and Notice 2007-50, 2007-25 I.R.B. 1430, for details. Report qualified conservation contributions with a 50% AGI limitation on Schedule K-1 in box 12 using code C. Report qualified conservation contributions with a 100% AGI limitation on a statement attached to Schedule K-1 using code G. Noncash contributions (30%) (code D). Enter noncash contributions subject to the 30% AGI limitation. Capital gain property to a 50% organization (30%) (code E). Enter capital gain property contributions subject to the 30% AGI limitation. Capital gain property (20%) (code F). Enter capital gain property contributions subject to the 20% AGI limitation. Contributions of property. See Contributions of Property in Pub. 526 and Pub. 561, Determining the Value of Donated Property, for information on noncash contributions and contributions of capital gain property. If the deduction claimed for noncash contributions exceeds $500, complete Form 8283 and attach it to Form 1120-S. Shareholders can deduct their pro rata share of the FMV of property contributions, but will only need to adjust their stock basis by their pro rata share of the property's adjusted basis. Give each shareholder a statement identifying their pro rata share of both the FMV and adjusted basis of the property. If the corporation made a qualified conservation contribution under section 170(h), also include the FMV of the underlying property before and after the donation, as well as the type of legal interest contributed, and describe the conservation purpose furthered by the donation. Give a copy of this information to each shareholder. If the corporation made a contribution of real property located in a registered historic district, restrictions apply. Generally, no deductions are allowed for structures or land (deductions are only allowed for buildings), and the charitable contribution may be reduced if rehabilitation credits were claimed for the building. A $500 filing fee may apply to certain deductions over $10,000. See Pub. 526 for details. Nondeductible contributions. Certain contributions made to an organization conducting lobbying activities aren't deductible. See section 170(f)(9) for more details. Also see Contributions You Can’t Deduct in Pub. 526 for more examples of nondeductible contributions. .An accrual basis S corporation can't elect to treat a contribution as having been paid in the tax year the board of directors authorizes the payment if the contribution isn't actually paid until the next tax year.. Contributions (100%) (code G). Use code G to report the following amounts.Other cash contributions made in 2020 or 2021. Other cash contributions made in 2020 or 2021. For tax years ending after 2019, individual taxpayers may elect to deduct certain cash contributions in amounts up to 100% of AGI. See Pub. 526 for details.Line 12b. Investment Interest Expense Line 12b. Investment Interest Expense Include on this line the interest properly allocable to debt on property held for investment purposes. Property held for investment includes property that produces income (unless derived in the ordinary course of a trade or business) from interest, dividends, annuities, or royalties; and gains from the disposition of property that produces those types of income or is held for investment. Investment interest expense doesn't include interest expense allocable to a passive activity. Investment income and investment expenses other than interest are reported on lines 17a and 17b, respectively. This information is needed by shareholders to determine the investment interest expense limitation (see Form 4952 for details). Schedule K-1. Report each shareholder's pro rata share of investment interest expense in box 12 of Schedule K-1 using code H.Line 12c. Section 59(e)(2) Expenditures Line 12c. Section 59(e)(2) Expenditures Generally, section 59(e) allows each shareholder to make an election to deduct their pro rata share of the corporation's otherwise deductible qualified expenditures ratably over 10 years (3 years for circulation expenditures). The deduction is taken beginning with the tax year in which the expenditures were made (or for intangible drilling and development costs, over the 60-month period beginning with the month in which such costs were paid or incurred). The term "qualified expenditures" includes only the following types of expenditures paid or incurred during the tax year. Circulation expenditures. Research and experimental expenditures. Intangible drilling and development costs. Mining exploration and development costs. If a shareholder makes the election, these items aren't treated as alternative minimum tax (AMT) tax preference items. Because the shareholders make this election, the corporation can't deduct these amounts or include them as AMT items on Schedule K-1. Instead, the corporation passes through the information the shareholders need to figure their separate deductions. On the dotted line to the left of the entry space for line 12c, enter the type of expenditures claimed on line 12c. Enter on line 12c the qualified expenditures paid or incurred during the tax year for which a shareholder may make an election under section 59(e). Enter this amount for all shareholders whether or not any shareholder makes an election under section 59(e). On an attached statement, identify the property for which the expenditures were paid or incurred. If the expenditures were for intangible drilling or development costs for oil and gas properties, identify the month(s) in which the expenditures were paid or incurred. If there is more than one type of expenditure or more than one property, provide the amounts (and the months paid or incurred, if required) for each type of expenditure separately for each property. Schedule K-1. Report each shareholder's pro rata share of section 59(e) expenditures in box 12 of Schedule K-1 using code J. Identify the following information on an attached statement. The type of expenditure. The property for which the expenditures are paid or incurred. For oil and gas properties only, the month in which intangible drilling costs and development costs were paid or incurred. If there is more than one type of expenditure or the expenditures are for more than one property, provide each shareholder's pro rata share of the amounts (and the months paid or incurred for oil and gas properties) for each type of expenditure separately for each property.Line 12d. Other Deductions Line 12d. Other Deductions Enter deductions not included on line 11, 12a, 12b, 12c, or 14p. On the line to the left of the entry space for line 12d, identify the type of deduction. If there is more than one type of deduction, attach a statement to Form 1120-S that separately identifies the type and amount of each deduction for the following categories. The codes needed for Schedule K-1 reporting are provided for each category. Deductions—Royalty income (code I). Enter deductions related to royalty income. Reserved for future use (code K). Code K is reserved for future use. Deductions—Portfolio (other) (code L). Enter any other deductions related to portfolio income. No deduction is allowed under section 212 for expenses allocable to a convention, seminar, or similar meeting. Because these expenses aren't deductible by shareholders, the corporation doesn't report these expenses on line 12d of Schedule K. The expenses are nondeductible and are reported as such on line 16c of Schedule K and in box 16 of Schedule K-1 using code C. Preproductive period expenses (code M). If the corporation is required to use an accrual method of accounting under section 448(a)(3), it must capitalize these expenses. If the corporation is permitted to use the cash method, enter the amount of preproductive period expenses that qualify under section 263A(d). An election not to capitalize these expenses must be made at the shareholder level. See Uniform Capitalization Rules in Pub. 225. Commercial revitalization deduction from rental real estate activities (code N). Enter the commercial revitalization deduction on line 12d only if it is for a rental real estate activity. If the deduction is for a nonrental building, enter it on line 19 of Form 1120-S. See Special Rules under Line 19. Other Deductions, earlier, for more information. Reforestation expense deduction (code O). The corporation can elect to deduct a limited amount of its reforestation expenditures paid or incurred during the tax year. The amount the corporation can elect to deduct is limited to $10,000 for each qualified timber property. See section 194(c) for a definition of reforestation expenditures and qualified timber property. See Notice 2006-47, 2006-20 I.R.B. 892, for details on making the election. The corporation must amortize over 84 months any amount not deducted. See Reforestation expenditures, earlier.Line 13a. Low-Income Housing Credit (Section 42(j)(5)) Line 13a. Low-Income Housing Credit (Section 42(j)(5)) If the corporation invested in a partnership to which the provisions of section 42(j)(5) apply, report on line 13a the credit reported to the corporation in box 15 of Schedule K-1 (Form 1065) using code A or code C. Schedule K-1. Report in box 13 of Schedule K-1 each shareholder's pro rata share of the low-income housing credit reported on line 13a of Schedule K. Use code A to report the portion of the credit attributable to buildings placed in service before 2008. Use code C to report the portion of the credit attributable to buildings placed in service after 2007. If the corporation has credits from more than one activity, identify on an attachment to Schedule K-1 the amount for each separate activity. See Passive Activity Reporting Requirements, earlier.Line 13b. Low-Income Housing Credit (Other) Line 13b. Low-Income Housing Credit (Other) Report on line 13b any low-income housing credit not reported on line 13a. This includes any credit reported to the corporation in box 15 of Schedule K-1 (Form 1065) using code B or code D. Schedule K-1. Report in box 13 of Schedule K-1 each shareholder's pro rata share of the low-income housing credit reported on line 13b of Schedule K. Use code B to report the portion of the credit attributable to buildings placed in service before 2008. Use code D to report the portion of the credit attributable to buildings placed in service after 2007. If the corporation has credits from more than one rental activity, identify on an attachment to Schedule K-1 the amount for each separate activity. See Passive Activity Reporting Requirements, earlier.Line 13c. Qualified Rehabilitation Expenditures (Rental Real Estate) Line 13c. Qualified Rehabilitation Expenditures (Rental Real Estate) Enter on line 13c the total qualified rehabilitation expenditures related to rental real estate activities of the corporation. See the Instructions for Form 3468 for details on qualified rehabilitation expenditures. Schedule K-1. Report each shareholder's pro rata share of qualified rehabilitation expenditures related to rental real estate activities in box 13 of Schedule K-1 using code E. Attach a statement to Schedule K-1 that provides the information and the shareholder's pro rata share of the basis and expenditure amounts the shareholder will need to figure the amounts to report on lines 11b through 11g of Form 3468, Investment Credit. See the Instructions for Form 3468 for details. If the corporation has expenditures from more than one rental real estate activity, identify on an attachment to Schedule K-1 the information and amounts for each separate activity. See Passive Activity Reporting Requirements, earlier. .Qualified rehabilitation expenditures for property not related to rental real estate activities must be reported in box 17 using code C..Line 13d. Other Rental Real Estate Credits Line 13d. Other Rental Real Estate Credits Enter on line 13d any other credit (other than credits reported on lines 13a through 13c) related to rental real estate activities. On the dotted line to the left of the entry space for line 13d, identify the type of credit. If there is more than one type of credit, attach a statement to Form 1120-S that identifies the type and amount for each credit. These credits may include any type of credit listed in the instructions for line 13g. Schedule K-1. Report in box 13 of Schedule K-1 each shareholder's pro rata share of other rental real estate credits using code F. If you are reporting each shareholder's pro rata share of only one type of rental real estate credit under code F, enter the code with an asterisk (F*) and the dollar amount in the entry space in box 13 and attach a statement that shows "Box 13, code F" and the type of credit. If you are reporting multiple types of rental real estate credit under code F, enter the code with an asterisk (F*) and enter "STMT" in the entry space in box 13 and attach a statement that shows "Box 13, code F" and the dollar amount of each type of credit. If the corporation has credits from more than one rental real estate activity, identify on the attached statement the amount of each type of credit for each separate activity. See Passive Activity Reporting Requirements, earlier.Line 13e. Other Rental Credits Line 13e. Other Rental Credits Enter on line 13e any other credit (other than credits reported on lines 13a through 13d) related to rental activities. On the dotted line to the left of the entry space for line 13e, identify the type of credit. If there is more than one type of credit, attach a statement to Form 1120-S that identifies the type and amount for each credit. These credits may include any type of credit listed in the instructions for line 13g. Schedule K-1. Report in box 13 of Schedule K-1 each shareholder's pro rata share of other rental credits using code G. If you are reporting each shareholder's pro rata share of only one type of rental credit under code G, enter the code with an asterisk (G*) and the dollar amount in the entry space in box 13 and attach a statement that shows "Box 13, code G" and the type of credit. If you are reporting multiple types of rental credit under code G, enter the code with an asterisk (G*) and enter "STMT" in the entry space in box 13 and attach a statement that shows "Box 13, code G" and the dollar amount of each type of credit. If the corporation has credits from more than one rental activity, identify on the attached statement the amount of each type of credit for each separate activity. See Passive Activity Reporting Requirements, earlier.Line 13f. Biofuel Producer Credit Line 13f. Biofuel Producer Credit Enter on line 13f any biofuel producer credit attributable to trade or business activities. If the credit is attributable to rental activities, enter the amount on line 13d or 13e. Figure this credit on Form 6478, if applicable. Attach it to Form 1120-S. Include any amount shown on line 2 of Form 6478 in the corporation's income on line 5 of Form 1120-S. See section 40(f) for an election the corporation can make to have the credit not apply. Schedule K-1. Report in box 13 of Schedule K-1 each shareholder's pro rata share of the biofuel producer credit reported on line 13f using code I. If the corporation has credits from more than one activity, identify on an attachment to Schedule K-1 the amount for each separate activity. See Passive Activity Reporting Requirements, earlier.Line 13g. Other Credits Line 13g. Other Credits Enter on line 13g any other credit, except credits or expenditures shown or listed for lines 13a through 13f or the credit for federal tax paid on fuels (which is reported on line 23c of page 1). On the line to the left of the entry space for line 13g, identify the type of credit. If there is more than one type of credit, attach a statement to Form 1120-S that separately identifies each type and amount of credit for the following categories. The codes needed for box 13 of Schedule K-1 are provided in the heading of each category. Undistributed capital gains credit (code H). This credit represents taxes paid on undistributed capital gains by a regulated investment company (RIC) or a real estate investment trust (REIT). As a shareholder of a RIC or REIT, the corporation will receive notice of the amount of tax paid on undistributed capital gains on Form 2439, Notice to Shareholder of Undistributed Long-Term Capital Gains. Work opportunity credit (code J). Complete Form 5884 to figure the credit. Attach it to Form 1120-S. Disabled access credit (code K). Complete Form 8826 to figure the credit. Attach it to Form 1120-S. Empowerment zone employment credit (code L). Complete Form 8844, if applicable, to figure the credit. Attach it to Form 1120-S. Credit for increasing research activities (code M). Complete Form 6765 to figure the credit. Attach it to Form 1120-S. For more information, see the Instructions for Form 6765. .The corporation should provide the information necessary for the shareholder to determine whether the corporation is an eligible small business under section 38(c)(5)(A). If the shareholder and the corporation meet the requirements of section 38(c)(5)(A), the research credit may be treated as a specified credit. . Credit for employer social security and Medicare taxes paid on certain employee tips (code N). Complete Form 8846 to figure the credit. Attach it to Form 1120-S. Backup withholding (code O). This credit is for backup withholding on dividends, interest, and other types of income of the corporation. Other credits (code P). Attach a statement to Form 1120-S that identifies the type and amount of any other credits not reported elsewhere. Complete the credit form identified below and attach it to Form 1120-S. Unused investment credit from the qualifying advanced coal project credit, qualifying gasification project credit, or qualifying advanced energy project credit allocated from cooperatives. Unused investment credit from the rehabilitation credit or energy credit allocated from cooperatives. Employee retention credit (Form 5884-A), if applicable. Orphan drug credit (Form 8820). Enhanced oil recovery credit (Form 8830), if applicable. Renewable electricity, refined coal, and Indian coal production credit (Form 8835). Attach a statement to Form 1120-S and Schedule K-1 showing the allocation of the credit for production during the 4-year period beginning on the date the facility was placed in service and for production after that period. Indian employment credit (Form 8845), if applicable. Biodiesel and renewable diesel fuels credit (Form 8864), if applicable. Include any amount from line 8 of Form 8864 in the corporation's income on line 5 of Form 1120-S. If this credit includes the small agri-biodiesel producer credit, identify on a statement attached to Schedule K-1 (a) the small agri-biodiesel producer credit included in the total credit allocated to the shareholder, (b) the number of gallons for which the corporation claimed the small agri-biodiesel producer credit, and (c) the corporation's productive capacity for agri-biodiesel. New markets credit (Form 8874), if applicable. Credit for small employer pension plan startup costs and auto-enrollment (Form 8881). Credit for employer-provided childcare facilities and services (Form 8882). Low sulfur diesel fuel production credit (Form 8896). Qualified railroad track maintenance credit (Form 8900). Credit for oil and gas production from marginal wells (Form 8904), if applicable. Distilled spirits credit (Form 8906). Energy efficient home credit (Form 8908), if applicable. Alternative motor vehicle credit (Form 8910), if applicable. Alternative fuel vehicle refueling property credit (Form 8911), if applicable. Clean renewable energy bond credit (Form 8912). The amount of this credit (excluding any credits from partnerships, estates, and trusts) is reported as interest income on line 4 of Schedule K. In addition, the amount of this credit is reported on line 17d of Schedule K. Qualified zone academy bond credit (for bonds issued before October 4, 2008) (Form 8912). The amount of this credit is reported as interest income on line 4 of Schedule K. In addition, the amount of this credit is reported on line 17d of Schedule K. New clean renewable energy bond credit (Form 8912). The amount of this credit (excluding any credits from partnerships, estates, and trusts) is reported as interest income on line 4 of Schedule K. In addition, the amount of this credit is reported as a property distribution on line 16d of Schedule K. Qualified energy conservation bond credit (Form 8912). The amount of this credit (excluding any credits from partnerships, estates, and trusts) is reported as interest income on line 4 of Schedule K. In addition, the amount of this credit is reported as a property distribution on line 16d of Schedule K. Qualified zone academy bond credit (for bonds issued after October 3, 2008) (Form 8912). The amount of this credit (excluding any credits from partnerships, estates, and trusts) is reported as interest income on line 4 of Schedule K. In addition, the amount of this credit is reported as a property distribution on line 16d of Schedule K. Qualified school construction bond credit (Form 8912). The amount of this credit (excluding any credits from partnerships, estates, and trusts) is reported as interest income on line 4 of Schedule K. In addition, the amount of this credit is reported as a property distribution on line 16d of Schedule K. Build America bond credit (Form 8912). The amount of this credit (excluding any credits from partnerships, estates, and trusts) is reported as interest income on line 4 of Schedule K. In addition, the amount of this credit is reported as a property distribution on line 16d of Schedule K. Mine rescue team training credit (Form 8923), if applicable. Credit for employer differential wage payments (Form 8932). Carbon oxide sequestration credit (Form 8933). Qualified plug-in electric drive motor vehicle credit (Form 8936). Qualified two-wheeled plug-in electric vehicle credit (Form 8936), if applicable. Credit for small employer health insurance premiums (Form 8941). Employer credit for paid family and medical leave (Form 8994). Schedule K-1. Enter in box 13 of Schedule K-1 each shareholder's pro rata share of the credits listed above. See additional Schedule K-1 reporting information provided in the instructions above. Enter the applicable code, H through P, in the column to the left of the dollar amount entry space. If you are reporting each shareholder's pro rata share of only one type of credit under code P, enter the code with an asterisk (P*) and the dollar amount in the entry space in box 13 and attach a statement that shows "Box 13, code P" and the type of credit. If you are reporting multiple types of credit under code P, enter the code with an asterisk (P*) and enter "STMT" in the entry space in box 13 and attach a statement that shows "Box 13, code P" and the dollar amount of each type of credit. If the corporation has credits from more than one activity, identify on an attachment to Schedule K-1 the amount of each type of credit for each separate activity. See Passive Activity Reporting Requirements, earlier.Line 14b. Gross Income From All Sources (Code B) Line 14b. Gross Income From All Sources (Code B) Enter the corporation's gross income from all sources (both U.S. and foreign).Line 14c. Gross Income Sourced at Shareholder Level (Code C) Line 14c. Gross Income Sourced at Shareholder Level (Code C) Enter the total gross income of the corporation that is required to be sourced at the shareholder level. This includes income from the sale of most personal property, other than inventory, depreciable property, and certain intangible property. See Pub. 514 and section 865 for details. .You must attach a statement to Form 1120-S showing the following information.. The amount of this gross income (without regard to its source) in each category identified in the instructions for lines 14d through 14h. Specifically identify gains on the sale of personal property other than inventory, depreciable property, and certain intangible property on which a foreign tax of 10% or more was paid or accrued. Also list losses on the sale of such property if the foreign country would have imposed a 10% or higher tax had the sale resulted in a gain. In addition, separately identify the amounts of such gains or losses within each separate limitation category that are long-term capital gains and losses or collectibles (28%) gains and losses. See Determining the Source of Income From the Sales or Exchanges of Certain Personal Property in Pub. 514 and section 865.Lines 14d–14h. Foreign Gross Income Sourced at Corporate Level Lines 14d–14h. Foreign Gross Income Sourced at Corporate Level Separately report gross income from sources outside the United States by category of income as follows. See Pub. 514 and the Instructions for Form 1116 for more information on the categories of income. .You must attach a statement to Form 1120-S that specifies foreign source qualified dividends, unrecaptured section 1250 gains, and net section 1231 gain (loss).. Line 14d. Reserved for future use. Line 14e. Foreign branch category (code E). Foreign branch category foreign source income. Foreign branch income is defined under section 904(d)(2)(J)(i) as the business profits of a U.S. person that are attributable to one or more qualified business units (as defined in section 989(a)) in one or more foreign countries. Report all income that would be foreign branch category income of its shareholders if all of its shareholders were U.S. persons that weren’t pass-through entities. Line 14f. Passive category (code F). Passive category foreign source income. Line 14g. General category (code G). General category foreign source income. Include all foreign income sourced at the corporate level that isn't reported on lines 14d, 14e, 14f, and 14h. Line 14h. Other (code H). Attach a statement showing the amount of foreign source income included in section 901(j) income.This other category will override the initial categorization of such income.Lines 14i–14j. Deductions Allocated and Apportioned at Shareholder Level Lines 14i–14j. Deductions Allocated and Apportioned at Shareholder Level Line 14i. Interest expense (code I). Enter the corporation's total interest expense (including interest equivalents under Temporary Regulations section 1.861-9T(b)). Don't include interest directly allocable under Temporary Regulations section 1.861-10T to income from a specific property. This type of interest is allocated and apportioned at the corporate level and is included on lines 14k through 14o. Line 14j. Other (code J). Enter the total of all other deductions or losses that are required to be allocated at the shareholder level. For example, include on line 14j research and experimental expenditures (see Regulations section 1.861-17(f)). Line 14k. Reserved for future use.Lines 14k–14o. Deductions Allocated and Apportioned at Corporate Level to Foreign Source Income Lines 14k–14o. Deductions Allocated and Apportioned at Corporate Level to Foreign Source Income Separately report corporate deductions that are apportioned at the corporate level to: Foreign branch category foreign source income, Passive category foreign source income, General category foreign source income, and Other foreign source income (see the instructions for lines 14d–14h). Attach a statement showing the amount of deductions allocated and apportioned at the corporate level to each of the listed categories from line 14h. See Pub. 514 and the Instructions for Form 1116 for more information.Line 14p. Total Foreign Taxes Paid or Accrued Line 14p. Total Foreign Taxes Paid or Accrued Enter in U.S. dollars the total foreign taxes (described in section 901 or section 903) that were paid or accrued according to the corporation's method of accounting for such taxes. Translate these amounts into U.S. dollars by using the applicable exchange rate (see Pub. 514). Foreign taxes paid (code P). If the corporation used the cash method of accounting, check the "Paid" box and enter foreign taxes paid during the tax year. Report each shareholder's pro rata share in box 14 of Schedule K-1 using code P. Foreign taxes accrued (code Q). If the corporation used an accrual method of accounting, check the "Accrued" box and enter foreign taxes accrued. Report each shareholder's pro rata share in box 14 of Schedule K-1 using code Q. A corporation reporting foreign taxes using the cash method can make an irrevocable election to report the taxes using an accrual method for the year of the election and all future years. Make this election by reporting all foreign taxes using an accrual method on line 14p and checking the "Accrued" box (see Regulations section 1.905-1). Attach a statement reporting the following information. The total amount of foreign taxes (including foreign taxes on income sourced at the shareholder level) relating to each category of income (see the instructions for lines 14d–14h). The dates on which the taxes were paid or accrued, the exchange rates used, and the amounts in both foreign currency and U.S. dollars, for the following: Taxes withheld at source on interest, Taxes withheld at source on dividends, Taxes withheld at source on rents and royalties, and Other foreign taxes paid or accrued.Line 14q. Reduction in Taxes Available for Credit (Code R) Line 14q. Reduction in Taxes Available for Credit (Code R) Enter the total reduction in taxes available for credit. Attach a statement showing the reductions for: Taxes on foreign mineral income (section 901(e)), Taxes on foreign oil and gas extraction income and foreign oil-related income (section 907(a)), Taxes attributable to boycott operations (section 908), Failure to timely file (or furnish all of the information required on) Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, and Form 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, Foreign income taxes paid or accrued during the current tax year that have been suspended under section 909, and Any other items (specify).Line 14r. Other Foreign Tax Information Line 14r. Other Foreign Tax Information Section 951A category (code D). This section 951A category includes any amount included in gross income under section 951A (other than passive category income). Section 951A defines global intangible low-taxed income. Attach a statement to provide code D information under line 14r. .Only attach a statement if the corporation (and its shareholders, if applicable) has elected to be treated as an entity for purposes of section 951A under Notice 2020-69. If no election has been made under the Notice, see instructions for line 17d, code AD.. Section 951A category foreign source income (code K). Attach a statement to provide code K information under line 14r. .Only attach a statement if the corporation (and its shareholders, if applicable) has elected to be treated as an entity for purposes of section 951A under Notice 2020-69. If no election has been made under the Notice, see instructions for line 17d, code AD.. Foreign trading gross receipts (code S). Report each shareholder's pro rata share of foreign trading gross receipts from line 15 of Form 8873 in box 14 using code S. See Extraterritorial Income Exclusion, earlier. Extraterritorial income exclusion (code T). If the corporation isn't permitted to deduct the extraterritorial income exclusion as a nonseparately stated item, attach a statement to Schedule K-1 showing the shareholder's pro rata share of the extraterritorial income exclusion reported on line 52 of Form 8873. Also identify the activity to which the exclusion is related. Reserved for future use (code U). Code U is reserved for future use. Other foreign transactions (code V). Report any other foreign transaction information the shareholders need to prepare their tax returns. Attach a statement that separately identifies any arrangement, along with the taxes paid or accrued in connection with the arrangement, in which the corporation participates that would qualify as a splitter arrangement under section 909 if one or more shareholders are covered persons with respect to an entity that took into account related income from the arrangement. Also indicate whether the corporation has taken into account any related income from any such splitter arrangement. (See section 909 and the regulations thereunder.)Line 15a. Post-1986 Depreciation Adjustment Line 15a. Post-1986 Depreciation Adjustment Figure the adjustment for line 15a based only on tangible property placed in service after 1986 (and tangible property placed in service after July 31, 1986, and before 1987, for which the corporation elected to use the Modified Accelerated Cost Recovery System (MACRS)). Don't make an adjustment for motion picture films, videotapes, sound recordings, certain public utility property (see section 168(f)(2)), property depreciated under the unit-of-production method (or any other method not expressed in a term of years), qualified Indian reservation property, property eligible for a special depreciation allowance, qualified revitalization expenditures, or the section 179 expense deduction. For property placed in service before 1999, refigure depreciation for the AMT as follows (using the same convention used for the regular tax). For section 1250 property (generally, residential rental and nonresidential real property), use the straight line method over 40 years. For tangible property (other than section 1250 property) depreciated using the straight line method for the regular tax, use the straight line method over the property's class life. Use 12 years if the property has no class life. For any other tangible property, use the 150% declining balance method, switching to the straight line method the first tax year it gives a larger deduction, over the property's AMT class life. Use 12 years if the property has no class life. .See Pub. 946 for a table of class lives.. For property placed in service after 1998, refigure depreciation for the AMT only for property depreciated for the regular tax using the 200% declining balance method. For the AMT, use the 150% declining balance method, switching to the straight line method the first tax year it gives a larger deduction, and the same convention and recovery period used for the regular tax. Figure the adjustment by subtracting the AMT deduction for depreciation from the regular tax deduction and enter the result on line 15a. If the AMT deduction is more than the regular tax deduction, enter the difference as a negative amount. Depreciation capitalized to inventory must also be refigured using the AMT rules. Include on this line the current year adjustment to income, if any, resulting from the difference.Line 15b. Adjusted Gain or Loss Line 15b. Adjusted Gain or Loss If the corporation disposed of any tangible property placed in service after 1986 (or after July 31, 1986, if an election was made to use the General Depreciation System), or if it disposed of a certified pollution control facility placed in service after 1986, refigure the gain or loss from the disposition using the adjusted basis for the AMT. The property's adjusted basis for the AMT is its cost or other basis minus all depreciation or amortization deductions allowed or allowable for the AMT during the current tax year and previous tax years. Enter on this line the difference between the regular tax gain (loss) and the AMT gain (loss). If the AMT gain is less than the regular tax gain, or the AMT loss is more than the regular tax loss, or there is an AMT loss and a regular tax gain, enter the difference as a negative amount. If any part of the adjustment is allocable to net short-term capital gain (loss), net long-term capital gain (loss), or net section 1231 gain (loss), attach a statement that identifies the amount of the adjustment allocable to each type of gain or loss. For a net long-term capital gain (loss), also identify the amount of the adjustment that is collectibles (28%) gain (loss). For a net section 1231 gain (loss), also identify the amount of adjustment that is unrecaptured section 1250 gain.Line 15c. Depletion (Other Than Oil and Gas) Line 15c. Depletion (Other Than Oil and Gas) Don't include any depletion on oil and gas wells. The shareholders must figure their oil and gas depletion deductions and preference items separately under section 613A. Refigure the depletion deduction under section 611 for mines, wells (other than oil and gas wells), and other natural deposits for the AMT. Percentage depletion is limited to 50% of the taxable income from the property as figured under section 613(a), using only income and deductions for the AMT. Also, the deduction is limited to the property's adjusted basis at the end of the year as figured for the AMT. Figure this limit separately for each property. When refiguring the property's adjusted basis, take into account any AMT adjustments made this year or in previous years that affect basis (other than the current year's depletion). Enter the difference between the regular tax and AMT deduction. If the AMT deduction is greater, enter the difference as a negative amount.Line 15d. Oil, Gas, and Geothermal Properties—Gross Income Line 15d. Oil, Gas, and Geothermal Properties—Gross Income Enter the total amount of gross income (within the meaning of section 613(a)) from all oil, gas, and geothermal properties received or accrued during the tax year and included on page 1, Form 1120-S.Line 15e. Oil, Gas, and Geothermal Properties—Deductions Line 15e. Oil, Gas, and Geothermal Properties—Deductions Enter any deductions allowed for the AMT that are allocable to oil, gas, and geothermal properties.Line 15f. Other AMT Items Line 15f. Other AMT Items Attach a statement to Form 1120-S and Schedule K-1 that shows other items not shown on lines 15a through 15e that are adjustments or tax preference items or that the shareholder needs to complete Form 6251 or Schedule I (Form 1041). See these forms and their instructions to determine the amount to enter. Other AMT items include the following. Accelerated depreciation of real property under pre-1987 rules. Accelerated depreciation of leased personal property under pre-1987 rules. Long-term contracts entered into after February 28, 1986. Except for certain home construction contracts, the taxable income from these contracts must be figured using the percentage of completion method of accounting for the AMT. Losses from tax shelter farm activities. No loss from any tax shelter farm activity is allowed for the AMT. Any amount from Form 6478 reported as other income on Form 1120-S, line 5. Any amount from Form 8864 reported as other income on Form 1120-S, line 5. Schedule K-1. If you are reporting each shareholder's pro rata share of only one type of AMT item under code F, enter the code with an asterisk (F*) and the dollar amount in the entry space in box 15 and attach a statement that shows the type of AMT item. If you are reporting multiple types of AMT items under code F, enter the code with an asterisk (F*) and enter "STMT" in the entry space in box 15 and attach a statement that shows the dollar amount of each type of AMT item.Line 16a. Tax-Exempt Interest Income Line 16a. Tax-Exempt Interest Income Enter on line 16a tax-exempt interest income, including any exempt-interest dividends received from a mutual fund or other regulated investment company. Individual shareholders must report this information on line 2a of Form 1040 or 1040-SR. Generally, under section 1367(a)(1)(A), the basis of the shareholder's stock is increased by the amount shown on this line.Line 16b. Other Tax-Exempt Income Line 16b. Other Tax-Exempt Income Enter on line 16b all income of the corporation exempt from tax other than tax-exempt interest (for example, life insurance proceeds, but see section 101(j) for limits and reporting requirements). Generally, under section 1367(a)(1)(A), the basis of the shareholder's stock is increased by the amount shown on this line.Line 16c. Nondeductible Expenses Line 16c. Nondeductible Expenses Enter on line 16c nondeductible expenses paid or incurred by the corporation. Don't include separately stated deductions shown elsewhere on Schedules K and K-1, capital expenditures, or items for which the deduction is deferred to a later tax year. Generally, under section 1367(a)(2)(D), the basis of the shareholder's stock is decreased by the amount shown on this line.Line 16d. Distributions Line 16d. Distributions Enter the total distributions (including cash) made to each shareholder other than dividends reported on line 17c of Schedule K. Include the shareholder's pro rata share of any amounts included in interest income with respect to new clean renewable energy, qualified energy conservation, qualified zone academy (for bonds issued after October 3, 2008), qualified school construction, or build America bonds. Distributions of appreciated property are valued at fair market value. If property other than cash was distributed, attach a statement to provide the following information. The date the property was acquired. The date the property was distributed. The property's FMV on the date of distribution. The corporation's basis in the property. See Distributions, later, for the ordering rules.Line 16e. Repayment of Loans From Shareholders Line 16e. Repayment of Loans From Shareholders Enter any repayments made to shareholders during the current tax year. Schedule K-1. Report each shareholder's pro rata share of amounts reported on lines 16a, 16b, and 16c (concerning items affecting shareholder basis) in box 16 of Schedule K-1 using codes A through C, respectively. Report property distributions (line 16d) and repayment of loans from shareholders (line 16e) on the Schedule K-1 of the shareholder(s) that received the distributions or repayments (using codes D and E).Lines 17a and 17b. Investment Income and Expenses Lines 17a and 17b. Investment Income and Expenses Enter on line 17a the investment income included on lines 4, 5a, 6, and 10 of Schedule K. Don't include other portfolio gains or losses on this line. Enter on line 17b the investment expense included on line 12d of Schedule K. Investment income includes gross income from property held for investment, the excess of net gain attributable to the disposition of property held for investment over net capital gain from the disposition of property held for investment, any net capital gain from the disposition of property held for investment that each shareholder elects to include in investment income under section 163(d)(4)(B)(iii), and any qualified dividend income that the shareholder elects to include in investment income. Generally, investment income and investment expenses don't include any income or expenses from a passive activity. See Regulations section 1.469-2(f)(10) for exceptions. Property subject to a net lease isn't treated as investment property because it is subject to the passive loss rules. Don't reduce investment income by losses from passive activities. Investment expenses are deductible expenses (other than interest) directly connected with the production of investment income. See the Instructions for Form 4952 for more information. Schedule K-1. Report each shareholder's pro rata share of amounts reported on lines 17a and 17b (investment income and expenses) in box 17 of Schedule K-1 using codes A and B, respectively. If there are other items of investment income or expense included in the amounts that are required to be passed through separately to the shareholders on Schedule K-1, such as net short-term capital gain or loss, net long-term capital gain or loss, and other portfolio gains or losses, give each shareholder a statement identifying these amounts.Line 17c. Dividend Distributions Paid From Accumulated Earnings and Profits (Schedule K Only) Line 17c. Dividend Distributions Paid From Accumulated Earnings and Profits (Schedule K Only) Enter total dividends paid to shareholders from accumulated earnings and profits. Report these dividends to shareholders on Form 1099-DIV. Don't report them on Schedule K-1.Line 17d. Other Items and Amounts Line 17d. Other Items and Amounts Report the following information on a statement attached to Form 1120-S. On Schedule K-1, enter the appropriate code in box 17 for each information item followed by an asterisk in the left-hand column of the entry space (for example, C*). In the right-hand column, enter "STMT." The codes are provided for each information category. Qualified rehabilitation expenditures (other than rental real estate) (code C). Enter total qualified rehabilitation expenditures from activities other than rental real estate activities. See the Instructions for Form 3468 for details on qualified rehabilitation expenditures. .Report qualified rehabilitation expenditures related to rental real estate activities on line 13c..Section 1296 mark-to-market PFICs. Section 1296 mark-to-market PFICs. In the case of stock of PFICs directly or indirectly owned by the corporation for which an election under section 1296 is in effect, the corporation must provide the following information (to the extent such information isn't otherwise identifiable elsewhere on Schedule K-1), on either an aggregate basis or an entity-by-entity basis (except as provided below). Amounts included in income under section 1296(a)(1). Amounts deducted from income under section 1296(a)(2). In the case of PFIC stock owned directly or indirectly by the corporation for which an election under section 1296 is in effect and with respect to which the corporation is engaged in a trade or business described in section 1411(c)(2), the corporation may aggregate this information with other income derived by the corporation that is net investment income under section 1411(c)(1)(A)(ii).Section 1291 funds. Section 1291 funds. In the case of stock of PFICs directly or indirectly owned by the corporation with respect to which direct or indirect shareholders are subject to section 1291, the corporation must provide the following information (to the extent such information isn't otherwise identifiable elsewhere on Schedule K-1), on an entity-by-entity basis. Excess distributions made by a PFIC with respect to which the shareholder is subject to section 1291. Gains derived with respect to the disposition of stock of a PFIC with respect to which a shareholder is subject to section 1291. Section 199A information (code V). The qualified business income (QBI) deduction may be taken by eligible taxpayers, including individuals and some trusts and estates. The deduction is determined at the shareholder level. S corporations are required to report information necessary for their shareholders to figure the deduction. Use the code with an asterisk (V*) in box 17 on each shareholder’s Schedule K-1 and enter "STMT" in the entry space to indicate that the information is provided on an attached statement separately identifying the shareholder’s pro rata share of: Qualified items of income, gain, deduction, and loss; W-2 wages; Unadjusted basis immediately after acquisition (UBIA) of qualified property; Qualified publicly traded partnership (PTP) items; and Section 199A dividends, also known as qualified real estate investment trust (REIT) dividends. .Don’t add amounts into a single number and report it in box 17 on Schedule K-1. The section 199A information must be separately identified for each trade or business the S corporation directly conducts, including specified service trades or businesses.. The S corporation must make an initial determination of which items are qualified items of income, gain, deduction, and loss at its level and report to each shareholder their pro rata share of all items that may be qualified items at the shareholder level. These items must be separately stated where necessary for the shareholder to figure the deduction. See Determining the S corporation’s QBI or qualified PTP items, later. The shareholder must then determine whether each item is includible in its QBI. In addition, the S corporation must also report whether any of its trades or businesses are specified service trades or businesses (SSTBs) and identify on the statement any trades or businesses that are aggregated. Note. The S corporation must report the pro rata share of qualified items of income, gain, deduction, and loss from a PTP so that shareholders can determine their qualified PTP income. However, W-2 wages and UBIA of qualified property from the PTP shouldn’t be reported because shareholders can’t use that information in figuring their QBI deduction. S corporations should use Statement A—QBI Pass-Through Entity Reporting, or a substantially similar statement, to report each shareholder’s pro rata information from each trade or business, including QBI items, W-2 wages, UBIA of qualified property, qualified PTP items, and section 199A dividends by attaching the completed statement(s) to each shareholder’s Schedule K-1. The S corporation should also use Statement A to report each shareholder’s pro rata share of QBI items, W-2 wages, UBIA of qualified property, qualified PTP items, and section 199A dividends reported to the S corporation by another entity. S corporations should use Statement B—QBI Pass-Through Entity Aggregation Election(s), or a substantially similar statement, to report aggregated trades or businesses and provide supporting information to shareholders on each Schedule K-1. S corporations should use Statement C—QBI Pass-Through Entity Reporting—Patrons of Specified Agricultural and Horticultural Cooperatives, or a substantially similar statement, to report pro rata QBI and W-2 wages allocable to qualified payments from a specified agricultural or horticultural cooperative for each trade or business. This statement should also be used to report each shareholder’s pro rata section 199A(g) deduction reported to the S corporation by the specified cooperative. The S corporation must also report all QBI information reported to it by any entity in which the S corporation has an ownership interest.Section 199A dividends. Section 199A dividends. The S corporation must report the pro rata share of any section 199A dividends, also known as qualified real estate investment trust (REIT) dividends, to each shareholder on Statement A, or a substantially similar statement, attached to Schedule K-1. Section 199A dividends don’t have to be separately reported by trades or businesses and can be reported as a single amount to shareholders. Section 199A dividends include any dividend the S corporation receives from a REIT held for more than 45 days, for which the payment isn’t obligated to someone else, isn’t a capital gain dividend under section 857(b)(3), and isn’t a qualified dividend under section 1(h)(11), plus any qualified REIT dividends received from a regulated investment company (RIC).Line 3b. Travel and Entertainment Line 3b. Travel and Entertainment Include any of the following applicable expenses. Entertainment expenses not deductible under section 274(a). Meal expenses not deductible under section 274(n). Qualified transportation fringes not deductible under section 274(a)(4). Expenses for the use of an entertainment facility. The part of business gifts over $25. Expenses of an individual over $2,000 that are allocable to conventions on cruise ships. Employee achievement awards of nontangible property or tangible property over $400 ($1,600 if part of a qualified plan). The cost of skyboxes. The part of luxury water travel expenses not deductible under section 274(m). Expenses for travel as a form of education. Nondeductible club dues. Other nondeductible travel and entertainment expenses. For more information, see Pub. 535. .If the corporation has an amount on line 14p of Schedule K (foreign taxes paid and accrued), take that amount into account for purposes of figuring expenses and deductions to enter on lines 3 and 6..

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https://www.tax.gov/SCorpWebinar/pdf/f1120s.pdf

Form 1120S Department of the Treasury Internal Revenue Service U.S. Income Tax Return for an S Corporation Do not file this form unless the corporation has filed or is attaching Form 2553 to elect to … email . html

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Oct 21, 2021 . Instructions on How to Fill IRS Form 1120S. After looking at how useful PDFelement is, we can now head straight on how you can use it to fill outlines of form 1120S easily. Below is a …

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irs.gov

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Instructions for Schedule K-2 (Form 1120-S) and Schedule K-3 (Form 1120-S) 2021. 09/22/2021. Form 1120-S (Schedule B-1) Information on Certain Shareholders of an S Corporation. 1220. 12/16/2020. … email

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https://www.tax.gov/SCorpWebinar/pdf/i1120s.pdf

Page 1 of 42 Instructions for Form 1120S 13:33 - 31-JAN-2012 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. Department of … html

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justanswer.com

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Apr 01, 2013 . . Include the amount of tax depreciation given in the problem on the appropriate line on the first page of Form 1120S. • If any information is missing, use reasonable …

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drakesoftware.com

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asktaxguru.com

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Feb 02, 2012 . We need to put down a business activity code on the 1120S form. And I found that I could use either of the two business activity codes in the list. But I want to know why the IRS collect this …

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pocketsense.com

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Jul 27, 2017 . This form proves to the IRS the corporation is an S-Corporation and guarantees an appropriate tax return for the business. Fill out the top part of the 1120S form like any corporate tax …

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Jun 06, 2019 . June 6, 2019 12:41 AM. Where do I find out mailing address for 1120-x form for corrections on 1120S? You will mail form 1120S to the applicable Internal Revenue Service Center … html

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