1120s

[rionreece]

I am filing for my S-corp, and I need to show earnings. I did not list a salary for myself, so now if I do so I think I will have penalties (?) The total is about 10,000. I need to either list it as salary and pay the fines or fill out an 1120s and call it a disbursement. Will the penalties hit me worse than the tax on the amount?

Secondly, if I do the 1120s, how can I file it? I cannot find a way to do so within turbotax business.

Thank you for your help

[Mike9241]

Consult a tax professional because we can't resolve the issues on this forum.  Generally, an S-corp shareholder must take a reasonable salary for the services they perform for the corp. This also requires remitting payroll taxes withheld and the employer's share and filing payroll tax returns (fed 941, Fed 940, state?) and an annual  w-2. the state may require you to file state unemployment tax returns and the same thing regarding w-2 and withholding payroll tax returns  A calendar year S-corp return is due today 3/17/2025 unless extended.