Question

S Corp

Forum|Forum|4 years ago
October 27, 2021
2 replies
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I have an S Corporation and have no employees. How do I claim the personal income versus the S corp income? Do I file separately? Do I need a W-2?

R

rorobrobro

The K-1 form, or S-corp equivalent, should allow you to report your S corp gains

R

RossP88

Hi! I am a TurboTax Live CPA. You will typically need to file a W-2 from the S-Corp to yourself for any employee services rendered. Generally the wage paid must be fair and equitable considering the work performed. All other income will flow through to your return via a K-1 from the S-corp.

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Critter-3

The corporate return is completed and filed separately from the personal return and it is due 3/15 every year unless you put it on extension. So did you just start a corporation or did you miss filing the 2020 return this year?

Once the corp return is complete it will issue a K-1 form to each owner to be filed on the personal tax return. If you work for the business you must also take a wage/salary and file payroll tax reports quarterly/annually and issue all the employees a W-2 in January.