Form 1120-S (Schedule K-1)

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Form 1120-S (Schedule K-1)

A form that a shareholder in an S-corporation uses to state his/her own share of profits, losses, deductions, and credits ascribed to him/her. The company files Schedule K-1 with the IRS; the shareholder receives a copy for his/her own records and uses it in filing his/her tax return.