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I have an S-corp. I received a 1099, but since I also paid myself to pay taxes, I have a w2. Do I file both with my taxes? Or just one of them?

Forum|Forum|6 years ago
May 31, 2019
8 replies
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Won't using both 1099 and w2 come up as duplicate income? Please provide clarification. Thanks!

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Best answer by Howard1948

As an employee of the S corporation, you should be receiving a Form W-2 reporting your wages and withholdings just as any other employee would receive.

There is usually NO reason for you to receive a Form 1099 from an S corporation if you have received the W-2.

You should be receiving a Schedule K-1 from the S corporation's Form 1120-S which reports to you your share of the income and expenses of the S corporation which you report in your personal income tax return beginning on Schedule E. Since the S corporation took a deduction for the wages paid to you, this does not cause your income to be reported twice.

Lisa995

You may wish to seek help from a professional tax person to get you headed in the correct direction. As Howard pointed out below, you shouldn't have a 1099, you should have a K-1 issued to you.

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

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dmertz

Is this Form 1099-MISC reporting income paid you that should have been paid to the S corporation instead?

Or is the Form 1099-MISC reporting income that was paid to the S corporation by some other entity? If so, no Form 1099-MISC should have been issued by that entity since such forms are not to be issued to corporations.

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dmertz

Then it just gets reported as part of the income to the S corp on the S corps tax return. A Form 1099-MISC reporting income to your S corp should have your S corp's EIN on it. You don't report this income twice on the S corp's tax return, nor do you report the Form 1099-MISC on your own tax return (since the Form 1099-MISC should not have your SSN).

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RobertoinNYAuthor

Yes, 1099 issued to S corp actually.

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RobertoinNYAuthor

Ok report 1099 on S corp return; isn't this return part of my personal return though? I am sorry but this is somewhat confusing, this is my first year with this type of return. Thank you for your response and patience.

Lisa995

An SCorp return is a totally different tax return from your personal return. It will generate a K-1 form for you to include on your personal return. Again, finding a local professional get you set up straight the first year can be well worth the money.

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

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dmertz

Note that the due date for the tax return of an S corp is March 15 and there are hefty penalties for each month it is late.

H

Howard1948Answer

As an employee of the S corporation, you should be receiving a Form W-2 reporting your wages and withholdings just as any other employee would receive.

There is usually NO reason for you to receive a Form 1099 from an S corporation if you have received the W-2.

You should be receiving a Schedule K-1 from the S corporation's Form 1120-S which reports to you your share of the income and expenses of the S corporation which you report in your personal income tax return beginning on Schedule E. Since the S corporation took a deduction for the wages paid to you, this does not cause your income to be reported twice.

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RobertoinNYAuthor

1099 is for work done as a contractor for Workmarket. I ended up paying myself from those monies and paid federal, state taxes, etc. Thank you for your prompt response!