Schedule SK-1: Shareholder’s Massachusetts Information (2024)
Massachusetts · Massachusetts DOR · Used for tax years 2024
Massachusetts Schedule SK-1 reports a shareholder’s share of an S corporation’s Massachusetts income, losses, deductions, credits, and property distributions. It also reports stock ownership and shareholder basis information.
Who files this form
The form directs S corporations to complete one 2024 Schedule SK-1 for each shareholder. It reports the shareholder’s Massachusetts income, losses, credits, payments and basis information.
The listed shareholder types include resident and nonresident individuals, trusts and estates, banks, and Chapter 62 and Chapter 63 exempt organizations.
What you'll need
Have the following information available to complete the schedule:
- The shareholder’s name, taxpayer identification number, address and shareholder type.
- The S corporation’s name, federal identification number and address.
- Schedule S amounts for the income, loss and adjustment lines referenced on Schedule SK-1.
- U.S. Form 1120S, Schedule K-1, line 16d, for property distributions to the shareholder.
- Stock ownership and basis information, including shares owned, ownership percentage, beginning Massachusetts basis, and Massachusetts and federal adjustments for stock and indebtedness.
- Withholding, estimated payments and lower-tier entity payment credits, including payer identification numbers where requested.
- Chapter 63D income, entity-level tax and refundable credit information, if applicable.
- Credit amounts and certificate numbers for credits that request them.
How to file
File electronically. The form repeatedly states that paper returns will not be accepted.
For questions about electronic filing, call 617-887-6367. The form points to DOR’s electronic filing and payment requirements and TIRs 16-9 and 21-9 for more information.
The form also prints a mailing address: Massachusetts Department of Revenue, PO Box 7025, Boston, MA 02204. However, it expressly says “E-File Only,” so that address does not override the electronic-filing requirement.
Common mistakes
- Sending a paper return. The form’s caution says this return must be filed electronically and that paper versions will not be accepted.
Questions people ask
Does each shareholder need a separate Schedule SK-1?
Yes. The form says to complete one Schedule SK-1 for each shareholder.
How do I show a loss?
In the shareholder’s distributive share section, the form directs you to mark an X in the box at the left if an amount is a loss.
How is the ending Massachusetts basis calculated?
For stock, add lines 24a and 25a and enter the result on line 27a. For indebtedness, add lines 24b and 25b and enter the result on line 27b.
Where do total other credits go?
Add the amounts in the Credit Section and enter the total on line 4b.
Where is the Chapter 63D refundable credit reported?
Page 3 contains the shareholder’s share of Chapter 63D refundable credit information. Line 32e is labeled “Shareholder’s refundable credit.” The Credit Section also includes a Chapter 63D Refundable Credit entry.