The draft instructions point out the following new aspects of the 2020 Form 1120-S and the 2020 Schedule K-1: ( IRS Forms and Publication finder) What’s new. The final Schedule K-1 was released on November 18, 2020. The final 2020 Form 1120-S was released on December 15, 2020. (Shareholder’s Instructions for Schedule K-1) (Instructions for Form 1120-S) Schedule K-1 is used to report income, deductions, and credits allocated to S corporation shareholders. ![]() Income Tax Return for an S Corporation, for use in tax years beginning in 2020, as well as draft instructions for the form and for Schedule K-1 (Form 1120-S) (Shareholder’s Share of Income, Deductions, Credits, etc.).Ī domestic corporation or other entity must use Form 1120-S to report income, gains, losses, deductions, credits, etc., for any year covered by an election to be an S corporation. The IRS has issued the final Form 1120-S, U.S.
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