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newmick
New Member

I have an s-corp but have not filed taxes for it. can I file my personal return with estimated draws as income?

 
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3 Replies
MinhT
Expert Alumni

I have an s-corp but have not filed taxes for it. can I file my personal return with estimated draws as income?

No, you should not file your personal return using estimated draws from your S-corp. You need to report a Schedule K-1.

You can file your return now and amend it once you have filed for your S-corp and have the Schedule K-1.

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newmick
New Member

I have an s-corp but have not filed taxes for it. can I file my personal return with estimated draws as income?

I want to file my return and estimate what taxes I will need to pay after the amendment, where do I do that?
MinhT
Expert Alumni

I have an s-corp but have not filed taxes for it. can I file my personal return with estimated draws as income?

It depends on your other income and the estimated income from your S-corp. You could tentatively enter the K-1 from your S-corp with an estimated amount and see the amount of your tax due. If you want to file your return now, you should then delete the K-1 before filing.
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