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Schedule KS for Form 60 S Corporation Income Tax Return Nd

Schedule KS for Form 60 S Corporation Income Tax Return Nd

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what is a K1 in 60 Seconds if you receive ak-1 that means you have ownership and a pass-through entity whether that's an LLC a limited liability company a partnership an S corporation maybe even a trust and the thing with Pastor entities is they don't pay taxes it's passed through down to the owners of that particular entity full and clarifying point a Pastor Anthony May pay state taxes I'm talking federal taxes pass through entities are not going to be paying federal taxes so what exactly is on the K1 if you look behind me we got a lot of boxes and we do not have a lot of time to go over all these boxes but basically that simplest form you're gonna have these different buckets that are going to allocate income and they're going to allocate deductions and what you're going to do with your K1 is you're going to put it onto your 1040 and then from the K1 and the 1040 it's going to put it in its right place and it's going to calculate the federal income tax and take the deductions where a

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