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Visitor II

Double Taxation K1 1120S W2

Hello everyone. 

I am owner (100 %) of a Scorp which was profitable in 2017. 

I also have W2 from same company. 

In my personal tax return for 2017, I was taxed for both W2 and Scorp generated K1. 

 

Obviously, I will have W2 in 2018. And I will pay W2 taxes. However, that W2 will be generated from Scorp money which I have already paid taxes in my 2017 tax return under K1 income. 

 

Could anyone help me understanding the situation? 

 

Thanks so much! 

 

 

 

 

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