This section will explore proper reporting of the various items reported on a Sch. K-1 received from a partnership or S corporation. After attending this session, attendees should be more comfortable with where and how to report the information reported to a member or shareholder on that individual's Form 1040.
1. Identify the various types of information reported to a member or shareholder on Schedule K-1.
2. Understand how the information reported on Schedule K-1 impacts the member/shareholder's Form 1040.