Income: Ordinary business income should match the amount on page 1 Line 21 of the 1120-S return
Deductions: all of the deductions applicable to your S-Corp have been accounted for on page 1 so there shouldn’t be any amounts here or for credits, international, or Alternative Minimum Tax
Items Affecting Shareholder Basis:
Nondeductible expenses such as charitable contributions, a percentage of meals and expenses, or any other expense that’s on the S-Corp’s P&L but can’t be deducted by the S-Corp will be listed on Statement 3 which is then attached to the return
Owner’s Distributions taken will be listed on Statement 4 which is then attached to the return
All of this information will carry over to your Schedule K-1
