Form 1120-S Schedule K-1 - Shareholder Share Income Deductions Credits

Form 1120-S Schedule K-1 is used to report a shareholder's share of income, deductions, and credits from an S Corporation. The S Corporation itself is a pass-through entity, meaning that it does not pay income tax at the corporate level. Instead, its income, deductions, and credits are passed through to the shareholders, who report them on their individual tax returns.