TC-20S-K1: S Corporation Return, Schedule K-1 (2024)
Utah · Utah Tax Commission · Used for tax years 2024
Utah TC-20S, Schedule K-1 reports a shareholder’s share of an S corporation’s Utah income, deductions and credits. It also lists the shareholder’s ownership percentage, share of apportionment factors and Utah tax withheld on the shareholder’s behalf.
What you'll need
Have the following information ready to complete the schedule:
- The S corporation’s EIN, name, and mailing address.
- The shareholder’s SSN or EIN, name, mailing address, and ownership percentage.
- The shareholder’s share of property, payroll, and sales amounts, showing both Utah and total amounts.
- Income, deduction, and credit information for the listed categories.
- Names, codes, and amounts for applicable Utah nonrefundable and refundable credits.
- Utah tax withheld on the shareholder’s behalf and whether a withholding waiver was applied for.
For Utah residents, the form directs you to use amounts from federal Schedule K-1 for lines 1 through 17.
Common mistakes
Follow the form’s reminders when completing the schedule:
- For Utah residents, enter the amounts from federal Schedule K-1 on lines 1 through 17.
- For Utah nonresidents, the form directs you to the instructions to calculate those amounts. Those instructions are not included in the supplied text.
- All filers must complete lines 18 through 20 if applicable.
Questions people ask
What does this schedule report?
It reports a shareholder’s share of Utah income, deductions, and credits. It also includes ownership percentage and the shareholder’s share of apportionment factors.
Which apportionment factors are listed?
The schedule lists property, payroll, and sales, with separate columns for Utah and total amounts.
Where do Utah tax credits go?
Enter Utah nonrefundable credits on line 18 and Utah refundable credits on line 19. Each entry has spaces for the credit’s name, code, and amount.
Where is tax withheld for the shareholder reported?
Line 20 reports Utah tax withheld on behalf of the shareholder. The form also provides a place to mark an “X” if a withholding waiver was applied for.