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An S-corp held short-term investments in a brokerage account and received a 1099 for dividends and tax exempt interest. Should this be reported on the 1120S and if so, where?


ANSWER


Expert Marc Groman's Answer:

Yes it should be reported in the 1099 was send to the S corp with the correct Tax ID number. It needs to be reported on Schedule K.

Marc Groman, CPA

New Jersey

38 yrs experience

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