Description:

This book is for preparing 2024 taxes. Shareholders in an S corporation receive a Schedule K-1 (Form 1120-S), Shareholder’s Share of Income, Deductions, Credits, etc., each year reporting their share of the S corporation’s pass-through items. This course explains how to report the most common information from this schedule on an individual’s tax return. It also helps tax professionals understand which limitations may apply before pass-through losses, deductions and credits can be claimed on the shareholder’s tax return. An example will be introduced and utilized throughout the course to help illustrate the key concepts presented.

• Determining how much of a pass-through loss is deductible after applying the basis, at-risk, passive activity loss and excess business loss limitations
  
• Summarizing how to track suspended losses and deduct them in the correct year
  
• Determining how pass-through income is taxed and reported on the shareholder’s tax return
  
• Determining whether distributions or loan repayments are taxable to the shareholder
  

Product Details:

Item Number: 24325

Level: Basic

Authors: NATP Staff

Published: 2024

Format: Print - 132 pages

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2024 course..