Schedule K-1 (Form 20S Only): Shareholder’s Share of Income, Deductions, Credits, etc. (Form 20S Only) (2024)
Alabama · Alabama DOR · Used for tax years 2024
Alabama Schedule K-1 (Form 20S) reports a shareholder’s share of the corporation’s income, deductions, credits, distributions, and other tax items for 2024. It separately lists amounts allocated and apportioned to Alabama and amounts to be reported by Alabama residents.
What you'll need
The form asks for the following information, but does not list required supporting documents:
- The corporation’s employer identification number, name, and address.
- The shareholder’s identifying number, name, address, entity type, and percentage of stock ownership for the tax year.
- Whether the shareholder is a nonresident and, if so, their state of legal residence.
- Alabama and everywhere sales, and the entity’s total apportionment percentage.
- Credits from Schedule PC, including each credit’s code and maximum allowable amount.
- The shareholder’s share of income, deductions, credits, distributions, and other items listed on the schedule.
Questions people ask
What is Alabama Schedule K-1 (Form 20S) used to report?
It reports a shareholder’s share of income, deductions, credits, and other items. This schedule is for Form 20S only.
What information does the form request for a nonresident shareholder?
It asks you to check the nonresident box and provide the shareholder’s state of legal residence.
Why are there two columns for the shareholder’s share?
One column is labeled for the distributive share allocated and apportioned to Alabama. The other is labeled for the distributive share to be reported by Alabama residents.
Can the schedule be marked as final or amended?
Yes. The form has separate checkboxes for “Final K-1” and “Amended K-1.”
Where are credits shown on the schedule?
Section G lists credits from Schedule PC, with spaces for the credit code and maximum allowable amount. Part III also includes a line for “Composite Payment/Electing Pass-Through Entity Credit.”