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It provides guidance on keeping Schedule K-1 for records, not filing it with the return unless specific backup withholding is reported, and understanding related identification-number privacy limits. 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P. L. 119-21, enacted July 4, 2025, and commonly known as the One Big Beautiful Bill Act, expanded section 181 to include certain qualified sound recording production expenses. Code X has been updated to include the additional expense. See CodeX under Box 12 , later.  \nSchedule K-1, box 17, code BA. Code BA is added to report domestic research and experimental expenditures needed when making a section 59(e) election. See Code BA under Box 17, later.  \nP.L. 119-21 added section 174A, which pertains to domestic research and experimental expenditures. Section 174A(a) allows a deduction for domestic research and experimental expenditures paid or incurred during the tax year for tax years beginning after 2024.  \nSection 174A(c) allows an election to charge research and experimental expenditures to a capital account. Under section 174A(c), you may elect to charge such expenditures to a capital account rather than deducting them and be allowed an amortization deduction of such expenditures ratably over a period of not less than 60 months.  \nP.L. 119-21, section 70302(f)(1), allows an election by small business taxpayers to retroactively claim a deduction for amounts expended or incurred after 2021 and before 2025. P. L. 119-21, section 70302(f)(2), allows an election to deduct certain unamortized amounts paid or incurred in tax years beginning after 2021 and before 2025.  \nFor more information about section 174A, and the provisions contained in P. L. 119-21, sections 70302(f)(1) and (2), see Rev. Proc. 2025-28.  \nSchedule K-1, box 17, code ZZ. P. L. 119-21 added section 1062, Gain from the sale or exchange of qualified farmland property to qualified farmers. For tax years beginning after July 4, 2025, an S corporation must  \ncomplete a separate Schedule A (Form 1062) for each sale or exchange of qualified farmland property to qualified farmers as defined under section 1062 and attach the form(s) to Form 1120-S and provide shareholders with a copy of the convenant and information regarding the gain from the sale or exchange of qualified farmland property. See Code ZZ under Box 17, later.  \nSection 139L allows a partial exclusion from the gross income of interest received by qualified lenders on loans secured by rural or agricultural real property. See section 139L and Code ZZ under Box 17, later. Also, see Notice 2025-71.  \nGeneral Instructions Purpose of Schedule K-1  \nThe corporation uses Schedule K-1 to report your share of the corporation’s income, deductions, credits, and other items. Keep it for your records. Don’t file it with your tax return unless backup withholding is reported in box 13 using code O. (See the instructions for Code O, later.) The corporation files a copy of Schedule K-1 with the IRS.  \nFor your protection, Schedule K-1 may show only the last four digits of your identifying number (social security number (SSN), employer identification number (EIN), or individual taxpayer identification number (ITIN)) . However, the corporation has reported your complete identifying number to the IRS.  \nYou may be liable for tax on your share of the corporation’s income, whether or not distributed. Include your share on your tax return if a return is required. Use these instructions to help you report the items shown on Schedule K-1 on your tax return.  \nYour share of S corporation income isn’t self-employment income and it isn’t subject to self-employment tax.  \nCaution: The amount of loss and deduction you may claim on your t","cbCaiojAoDNNdW20","https://ap.wps.com/l/cbCaiojAoDNNdW20","pdf",316370,"English","# Future Developments\n# What’s New\n# General Instructions Purpose of Schedule K-1\n## Inconsistent Treatment of Items\n## Errors\n## Decedent’s Schedule K-1","[{\"question\":\"What is Schedule K-1 (Form 1120-S) used for?\",\"answer\":\"The corporation uses Schedule K-1 to report the shareholder’s share of the corporation’s income, deductions, credits, and other items.\"},{\"question\":\"When must a shareholder file Form 8082?\",\"answer\":\"File Form 8082 when the treatment of items on the shareholder’s original or amended return is inconsistent with the corporation’s treatment, or when the corporation hasn’t filed a return.\"},{\"question\":\"What should a shareholder do if the corporation makes an error on Schedule K-1?\",\"answer\":\"Notify the corporation to request a corrected Schedule K-1 and avoid changing items on the shareholder’s copy. If agreement can’t be reached, file Form 8082.\"}]","Shareholder’s Instructions for Schedule K-1 (Form 1120-S) - 2025 | PDF",1789799412,7]