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xanman2112
March 11, 2024
Question

Self-Employed salary payments

  • March 11, 2024
  • 1 reply
  • 0 views

Hello, I formed an LLC with S-corp tax status in Q4 of 2023 and had 1099-NEC income.  I made salary payments to myself and have a W-2.  Do I add this W-2 as income (alongside my other W-2s) and also add as an expense to my 1099 income? 

1 reply

L
LeticiaF1
March 11, 2024

If the 1099-NEC was issued to your LLC, the income needs to be added as income on your S-Corp return, Form 1120-S.  The amount of the W2s that you issued will need to be included in your 1120-S as an expense.  Your W2 amount will need to be reported as compensation of officers and the other W2s as salaries and wages.  

 

 

X
xanman2112Author
March 11, 2024

Where do I do an "S-corp return" in Turbotax?

DoninGA
DoninGA
March 11, 2024
@xanman2112 wrote:

Where do I do an "S-corp return" in Turbotax?

A Form 1120S for an S Corporation can only be completed and filed using the TurboTax Business Edition.

The Business Edition can only be installed on a Windows based personal computer.

The Business Edition cannot be used to complete a personal tax return, Form 1040.

 

Go to this TurboTax website for the 2023 Business Edition - https://turbotax.intuit.com/small-business-taxes/cd-download/

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