55864
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

hsolis328
New Member

I own an S corp. I didn't setup payroll. So I won't be receiving a w-2. I made withdrawals and have paid esrumtaed tax payments. How do I report this on my 1120s?

I own an S Corp and have taken salary. I never setup payroll be a use I was told that all I had to pay was self employment tax by making estimated tax payments quarterly. Now I found out I had to setup payroll  for wages. My question is how do I report the wages and estimated tax payments made on my 1120s return for next year. Is it too late to setup payroll now and pay payroll tax ?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
bwa
Alumni
Alumni

I own an S corp. I didn't setup payroll. So I won't be receiving a w-2. I made withdrawals and have paid esrumtaed tax payments. How do I report this on my 1120s?

I would report the withdrawals, to the extent they are equal to reasonable wages, as salary for the last quarter of 2016 on appropriate payroll tax returns.  You may have to find a local tax professional to help you with it, but the change needs to be made so you might as well start now.

View solution in original post

5 Replies
bwa
Alumni
Alumni

I own an S corp. I didn't setup payroll. So I won't be receiving a w-2. I made withdrawals and have paid esrumtaed tax payments. How do I report this on my 1120s?

I would report the withdrawals, to the extent they are equal to reasonable wages, as salary for the last quarter of 2016 on appropriate payroll tax returns.  You may have to find a local tax professional to help you with it, but the change needs to be made so you might as well start now.

hsolis328
New Member

I own an S corp. I didn't setup payroll. So I won't be receiving a w-2. I made withdrawals and have paid esrumtaed tax payments. How do I report this on my 1120s?

Thanks BWA,

I understand that the employment taxes were supposed to be paid on a monthly basis. And they were not. So, when I prepare the payroll return for the 4th quarter what do I put for Oct, Nov ? $0 regarding the payroll tax paid. So it's okay to pay the payroll tax owed on the reasonable salary I paid myself in the month of December. So on the fourth quarter payroll return only December will have payroll tax paid right ?
bwa
Alumni
Alumni

I own an S corp. I didn't setup payroll. So I won't be receiving a w-2. I made withdrawals and have paid esrumtaed tax payments. How do I report this on my 1120s?

It's certainly not best practice but if you change withdrawals to salary at year end I would report them as year end.  Beginning next year, handle it correctly.

I own an S corp. I didn't setup payroll. So I won't be receiving a w-2. I made withdrawals and have paid esrumtaed tax payments. How do I report this on my 1120s?

and don't forget to file the employer returns and payments on Form 941
If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67


NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3

- Just donating my time
**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.
yoel6932
New Member

I own an S corp. I didn't setup payroll. So I won't be receiving a w-2. I made withdrawals and have paid esrumtaed tax payments. How do I report this on my 1120s?

I would file all the end of year forms W2, 941 or 944 and deposit taxes .. the worst thing would be you would have to pay fines for not filing on time.  (Hint, it's not about when you earned the money but when you were paid" that you need to file )  Fines are probably very unlikely unless audited, and still you have  extentions.  Then start keeping payroll. As long as taxes are paid That's the main concern.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question