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Form 1120-IDK: 1120-IC-DISC (Schedule K)
IRS Form 1120-IC-DISC (Schedule K) is a Shareholder's Statement of IC-DISC Distributions that reports actual or deemed distributions from an IC-DISC, former IC-DISC, or former DISC. The form requires giving Copy B to the shareholder by the last day of the second month after your tax year ends.
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IRS Form 1120-IDK - 1120-IC-DISC (Schedule K)
IRS Form 1120-IC-DISC (Schedule K) is a Shareholder's Statement of IC-DISC Distributions that reports actual or deemed distributions from an IC-DISC, former IC-DISC, or former DISC. The form requires giving Copy B to the shareholder by the last day of the second month after your tax year ends.
Risk Radar
Scan points- 1Do not report actual and deemed distributions or deferred DISC income on Form 1099-DIV.
- 2Failing to complete Schedule K for every shareholder who had a deemed or actual distribution.
- 3Not attaching Copy A to Form 1120-IC-DISC when submitting the schedule.
- 4Reporting distributions of taxable amounts on Form 1099-DIV instead of using Schedule K.
- 5Excluding deferred DISC income that must be reported from an IC-DISC.
Plain English
This form helps track and report money distributed from a specific type of corporation (an IC-DISC) to its shareholders throughout the tax year. It details both distributions that are taxable and those that are not, ensuring each shareholder receives an accurate record of their income flow. The completed schedule must be given to the shareholder by a specific deadline following the end of the corporate tax year.
Submission Date
- Filing date: 2018-11-21 22:00:07
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when reporting an actual or deemed distribution from an IC-DISC, former IC-DISC, or former DISC, or when reporting deferred DISC income from an IC-DISC.
- Do not file Copy B with the income tax return; it is only for the shareholder's records.
- Check Form 8404 instead when calculating the interest charge on a DISC-Related Deferred Tax Liability.
Form selector
Use this form or another form?
Calculating an interest charge on deferred tax liability
The interest charge required by section 995(f) must be calculated using this form.
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Attaching the statement to the main corporate return
Copy A of Schedule K must be attached to Form 1120-IC-DISC.
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Reporting distributions for shareholder records
Copy B is specifically designated as a record copy for the shareholder, not for filing with the IRS.
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Deadline or filing window
The trigger for filing is having an actual or deemed distribution during the tax year. The deadline requires giving Copy B of Schedule K to the shareholder by the last day of the second month after your tax year ends. No extension period is stated in the official source.
Checklist
What you need before filling it out
Deemed Distributions (Line 1c)
Taxable amount based on section 995(b)(1) or 995(b)(2) · Form p.1, p.2
Actual Distributions (Line 2)
Amount received by the shareholder · Form p.1, p.2
Section 243 Deduction (Line 4a/b)
Part of line 3 entitled or not entitled to section 243 deduction · Form p.1, p.2
Tax-Exempt Entity Distributions
Amount treated as derived from an unrelated trade or business · Form p.3
Deferred Income (Line 10)
Share of the IC-DISC’s deferred income for the year · Form p.3
Before you submit
- 1Ensure Copy A of Schedule K (Form 1120-IC-DISC) is attached to Form 1120-IC-DISC.
- 2For each shareholder, complete the schedule for any actual or deemed distribution during the tax year or if reporting deferred DISC income.
- 3Calculate and enter the total deemed distributions by adding line 1a (under section 995(b)(1)) and line 1b (annual installment under section 995(b)(2)) on line 1c.
- 4Determine the total taxable distributions by adding line 1c (total deemed distributions) and line 2 (actual taxable distributions) on line 3.
- 5If filing for a C Corporation, divide the amount on line 3 into section A (entitled to section 243 deduction) and section B (not entitled to section 243 deduction).
- 6Calculate and enter the total nontaxable distributions by adding line 6 (actual distributions from previously taxed income/pre-1985 DISC income) and line 7 (other actual nontaxable distributions) on line 8.
- 7Provide the shareholder's name, identifying number, and address in the designated area of Schedule K (Form 1120-IC-DISC).
How to file this form
- 1Complete Schedule K (Form 1120-IC-DISC) for every shareholder, ensuring all deemed and actual distributions are recorded on Part I—Taxable Distributions.
- 2Calculate any interest charge required by section 995(f) using Form 8404, Interest Charge on DISC-Related Deferred Tax Liability, and report the result on line 10.
- 3Attach Copy A of Schedule K to Form 1120-IC-DISC, which is filed with the corporate return.
- 4Provide Copy B of Schedule K to each shareholder by the last day of the second month after your tax year ends.
- 5Retain Copy C of Schedule K for company records.
Known limitations
- 1Do not report actual and deemed distributions or deferred DISC income on Form 1099-DIV.
- 2Copy B of Schedule K is for the shareholder's records only; do not file it with your income tax return.
- 3The form does not require reporting of dividends-received deductions if the shareholder is not a C Corporation.
Field map
Compact field-by-field guide
Entity Info
2 items
Full legal name of the corporation and its Employer Identification Number.
Current mailing address and date of incorporation.
Income
3 items
Total revenue from business operations before deducting costs.
Direct costs attributable to producing goods sold by the corporation.
Gross receipts minus cost of goods sold and returns/allowances.
Deductions
1 items
Sum of all business expenses including compensation, rent, interest, taxes, and depreciation.
Tax
2 items
Total income minus total deductions.
Tax calculated on taxable income using the applicable corporate tax rate, minus any credits.
Signatures
1 items
An authorized corporate officer must sign and date the return.
Almost done reviewing the fields?
Fillable formOpen in Editor->The current edition is dated November 2018. For the latest information about developments related to Schedule K (Form 1120-IC-DISC) and its instructions, users must consult www.irs.gov/Form1120icdisc.
What changed or needs a fresh check
- Edition date — confirm the revision reads November 2018.
- Mailing address — Not stated in the official source.
- Signature requirement — Not stated in the official source.
- Form purpose — The form reports distributions and deferred income related to an IC-DISC.
Quick Facts
Downloads
After you file
- 1Give Copy B of Schedule K (Form 1120-IC-DISC) to the shareholder by the last day of the second month after your tax year ends.
- 2Keep Copy C of Schedule K (Form 1120-IC-DISC) for your records.
- 3Do not report actual and deemed distributions or deferred DISC income on Form 1099-DIV.
- 4For future developments, refer to www.irs.gov/Form1120icdisc.
Sources
- SRCInstructions p.3 — Copy B of Schedule K (Form 1120-IC-DISC) reports an actual or deemed distribution from an IC-DISC, former IC-DISC, or former DISC.
- SRCInstructions p.5 — Give Copy B to the shareholder by the last day of the second month after your tax year ends.
- SRCForm p.4 — COPY C is designated for the IC-DISC's records.
- SRCForm p.3 — Complete Form 8404, Interest Charge on DISC-Related Deferred Tax Liability, to figure the interest charge.
- SRCForm p.5 — Do not report actual and deemed distributions or deferred DISC income on Form 1099-DIV.
- SRCForm p.1 — Copy A must be attached to Form 1120-IC-DISC.
Common confusion points
What is Copy B for?
Copy B reports an actual or deemed distribution and also reports deferred DISC income from an IC-DISC, former IC-DISC, or former DISC.
→ Use Copy B only for shareholder records.
How do I calculate the interest charge for deferred DISC income?
Section 995(f) imposes an interest charge if the deferred income is included in a tax year that ends with or includes the IC-DISC’s tax year end.
→ Complete Form 8404, Interest Charge on DISC-Related Deferred Tax Liability, to determine this amount.
How is the total taxable distributions figure calculated?
The total taxable distributions (line 3) must be found by adding the total deemed distributions (line 1c) and the actual taxable distributions (line 2).
→ Verify that Line 3 equals Line 1c plus Line 2.
When must I pay tax on deemed distributions?
Deemed distributions are treated as received as of the last day of the IC-DISC tax year.
→ Pay tax on line 1c distributions in your personal tax year that includes that specific date.
Workflow map
Related forms and next steps
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Questions about IRS Form 1120-IDK
What is IRS Form 1120-IDK used for?
This form helps track and report money distributed from a specific type of corporation (an IC-DISC) to its shareholders throughout the tax year. It details both distributions that are taxable and those that are not, ensuring each shareholder receives an accurate record of their income flow. The completed schedule must be given to the shareholder by a specific deadline following the end of the corporate tax year.
Who must file IRS Form 1120-IDK?
The form must be completed for each shareholder who had an actual or deemed distribution during the tax year or to whom the corporation is reporting deferred DISC income for the tax year.
What information does IRS Form 1120-IDK require?
The form collects details on distributions, including taxable amounts (Part I) and nontaxable amounts (Part II). Specific lines track deemed distributions under section 995(b)(1), actual taxable distributions, and accumulated IC-DISC income attributable to stock sold during the year.
When is IRS Form 1120-IDK due?
The corporation must give Copy B of Schedule K to the shareholder by the last day of the second month after the tax year ends.
How do I complete IRS Form 1120-IDK?
To complete the form, one must first fill out Schedule K (Form 1120-IC-DISC) for every shareholder. The completed schedule requires attaching Copy A to Form 1120-IC-DISC. Finally, the corporation must provide Copy B of the schedule directly to the shareholder.
What happens if IRS Form 1120-IDK is filed incorrectly?
No consequence for incorrect completion is listed in the provided instructions; however, users must keep Copy C for their records.
What is Copy B for?
Copy B reports an actual or deemed distribution and also reports deferred DISC income from an IC-DISC, former IC-DISC, or former DISC. Use Copy B only for shareholder records.
How do I calculate the interest charge for deferred DISC income?
Section 995(f) imposes an interest charge if the deferred income is included in a tax year that ends with or includes the IC-DISC’s tax year end. Complete Form 8404, Interest Charge on DISC-Related Deferred Tax Liability, to determine this amount.
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