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Question

No payroll C corp. One owner

Forum|Forum|7 years ago
June 5, 2019
2 replies
7 views

First time filing as c corp. I had no payroll for 2016. I had personal draws of 20k and paid no taxes thru out the year. How would I report that on my 1120. Should I create a 1099 or w2 on quick forms?

TurboTax Business Windows

Alumni - Champ

<a rel="nofollow" target="_blank" href="https://www.irs.gov/businesses/small-businesses-self-employed/corporations">https://www.irs.gov/businesses/small-businesses-self-employed/corporations</a>

Alumni - Champ

The chief drawback of a C corporation is the so-called "double taxation" potential. Profits are first taxed to the corporation. Then, when they are distributed to shareholders in the form of dividends, they are taxed again. The corporation cannot deduct dividend distributions.