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Form 1040 (Schedule J) Salt Lake City Utah: What You Should Know

Schedule B — S Corporation Tax Return by Utah resident shareholders For shareholders to be considered residents of Utah, the shareholder must satisfy all the following: 1. The shareholder must be a Utah resident. 2. The shareholder must be a resident of Utah for the taxable year in which the return is filed, and 3. The resident shareholder must not have a gross income for the taxable year of 75,000 or more. This is in addition to the following conditions: 1. The stock of the corporation was owned by the nonresident shareholder throughout the entire period that the nonresident shareholder maintained (and used) any investment in the corporation. The corporation's books, records, and accounts need not be preserved for this purpose. The nonresident shareholder would be considered acting for the corporation if he held an interest in the corporation's stock and used the investment in the business. 2. The corporation or the shareholder has an income tax liability by reason of its incorporation, or the ownership of securities which has not been taxed at the time of incorporation, or in any of the following circumstances: (a) The corporation or any stock of the corporation is (i) owned indirectly by a corporation or another person and (ii) maintained or used by that corporation or, if the stock is not owned indirectly by a corporation or another person, by the corporation's shareholders, (b) The corporation's stock is owned by a person other than the corporation within the meaning of section 1272, or (c) The stock of the corporation was purchased by a corporation or an individual. See “Section 1272” for clarification of other requirements related to Section 1272. 25 Oct 2024 — Utah S Corporation Tax Return To help the Utah State Tax Commission to assist corporations in resolving tax issues, I've provided them with information (both in English and Spanish) relating to the S corporation elections and schedules to prepare the return. See Corporations/Regulations.aspx 21 July 2024 — Use Schedule J to Elect Your Utah Income Tax by Year-end. See IRS Publication 486, S Corporation Tax. Use the tax forms for the calendar year in which your fiscal year begins. Prepare your federal tax return before your Utah return.

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