Page 77 - Other Income for Individuals

S Corporation Income

You must verify income from business.

 In most cases, an S corporation doesn’t
pay tax on its income. Instead, the

income, losses, deductions, and credits of
the corporation are passed through to the

shareholders based on each shareholder's
pro rata share.

/!\ Keep Schedule K-1 (Form 1120-S) for your

records. Don’t attach it to your Form 1040 or

1040-SR, unless you’re specifically required to
do so. /!\

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