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Abilene Texas Form 1041 (Schedule I): What You Should Know

If the organization uses both Form 1041 and Schedule K-1, attach only one.) If the organization's Form 1099-B and Form 1120S have not been filed and all the items from the income report(s) have not been deposited on a W9/S9, then attach a schedule showing the payment, if any, to all owners/directors. Check for any penalties and withholding, including those for income, excise, payroll, and social security taxes. If the organization uses both Form 1099-B and Form 1120S — Form 1099-K (for example, a corporation) — then include both. If any of the items listed on Schedule I have been withheld by the organization (and paid), the organization must attach a statement stating the amount of the withholding, the due date of the return of the withholding, and the amount of the payment. This statement must have an itemized statement, listing the amount withheld per item, payment date, and amount of payment to each owner/director. If the organization or an agent collects payments or deposits items at a bank before the Form 1120S is filed, then include the following information. The IRS requires that the owner attach a statement to the return of each payment or deposit that lists the total amount of the payment or deposit, the name of the owner, and the amount of any payment withheld. The statement must have an itemized entry for the amount collected per item. The first three items in the itemized statement must not exceed 500 for each type of tax. The last item in the itemized statement must not exceed 500 for each type of tax. If any of the following apply: the owner files a Form 1120S or a Schedule K-1 only and makes no return; or the payment to an owner or agent in a separate document is greater than 500 but less than 2,500, then the organization may pay the amount under any of the following ways: Payment of the excess amount is limited to 10% of the total amount of the payment. A statement on the return for each payment must be included listing the payee, the payer's name, each item, including its date of filed, and the amount of the payment.

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