Passthrough K-1/Business Intro
This type of year can start at any time for a business return
What is Fiscal
Another name for 199A deduction is this.
What is Qualified Business Deduction (QBI)?
Another name used for a Corporation
What is a C-Corporation
This is how many variations there are of the 990 forms
What is 5
This type of income assignment is used only on individual returns.
What is allocation
This is a similar source document such as a W-2 or a 1099.
What is a Schedule K-1
This can be used in cases where certain items are shared with partners using something other than Partner percentages or change in ownership.
What is special allocation?
This form is used to file an extension for a corporation.
What is 7004
Typically the 990 does not have this on form due to it reports information about the organization.
What is tax calculations
Apportionment uses a formula based on 3 different factors which are these.
What is payroll, property, and sales
These are the types of K-1's you will normally see.
What are Partnership, S-Corporation, Estate or Trust (Fiduciary)
A partnership return has this many pages.
What is 5
Form 1120-H is for this type of corporate return.
What is Home Owners Association
These are the 3 most common types of a fiduciary.
What are Estates, Simple trust, and complex trusts
Business returns will have this type of form to help with dealing with apportionment
What is apportionment schedule
Federal k-1 will flow to state k-1 but for these 2 exceptions.
What are Section 179 and State withholding
This is the years QBI is affect due to the Tax Cuts & Jobs Act in effect.
When is 2018-2025
What is Shareholder Basis
This exempt form can be generated on its own or alongside other 990s
What is 990-T
These business types must use either a X form or a new form when amending a return.
What are Corporations, Estate, and Gift
The names of the 3 K-1 worksheets available in 1040 return.
What are K-1P, K-1S, and K-1T
Most self-employed taxpayers and small business owners can exclude up to this amount of their QBI from federal income tax
What is 20%
To be S-corp status you can have no more than this many shareholders.
What is 100
You can never do this with distributions
Apportionment percentages need to be calculated on each of these types of returns
What is State