Alabama Form 990 (Schedule K) 2024-2025

Alabama Form 990 (Schedule K): What You Should Know

K-1 for each tax entity that the corporation holds an interest in at any time during the taxable year. (f) Copy of each required Schedule K-1. (g) Form 990 tax return as described above. (h) The following information for the corporation's common parent(s) or other entity in the same financial position of the corporation at the close of the taxable year. A. State tax return number. B. Gross income for the corporation for each tax period the corporation is required to file with the Alabama Department of Revenue (FOR). C. Income tax with respect to each taxable period in the calendar year. D. All interest, royalty, and other income or loss. E. Gross deductions. F. Any item of gross income, gain, loss, deduction, credit, interest expense, or property taxes. G. Net assets for each tax period. H. All required federal tax return information. I. Schedule K-1 for each entity in the same financial position of the corporation at the close of the taxable year. Schedule K-1 — Owner's Share of Income, Deductions, Credits, etc. (b) If there is an entity that does not have income taxed by reason of being a sole proprietor, partnership, S corporation, limited liability company, or any other entity that is taxed on its undivided profits, the corporation must obtain a letter from such entity. The letters must contain a description of the income of the entity, including the nature of the activity it engages in, whether it is engaged in at the same or at a different location, and the amount of income tax it should be expected to pay in the coming year. The letter should be accompanied by a complete copy of each state and federal income tax return filed by the entity; such return must cover the most recent tax year.  If a corporation has a common parent, the corporation's name on Schedule K-1 must include the following: (1) All the corporation's common parent's and other parent's owners of the corporation or their spouses, domestic partners, and dependents; (2) If there is no common parent, the corporation's common parent's and other parent's owners of the corporation or their spouses, domestic partners, and dependents; (3) If the corporation has no common parent, a list of the corporation's sole stockholders, and a list of all holders of its common stock.

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