Welcome Guest. Register Now!  



Find a tax professional cpa near you

Thread: Reimbursements
View Single Post
  #2 (permalink)  
Old 03-31-2009, 09:56 PM
TaxGuru's Avatar
TaxGuru TaxGuru is offline
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 1,671
Blog Entries: 3
No, reimbursements are not added back into the reportable K-1 to the shareholder. As such, these reimbursements really are expenses to the corporation that have been expensed on the Form 1120S.

The fact that the corporation has paid you for these reimbursements does not mean that these should be considered as income. Thus, you should not include these as additional income on your K-1.
__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.
Reply With Quote
 
» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 
Financial Planning