If someone is a partner in an S Corp and receives a salary through the S Corp be issued a W-2 as well as a K-1? And use both when filing personal taxes?

[JulieH1 · Accepted solution]

Yes.  You should get both a W-2 for wages and a K-1 with profits/losses.

Any compensation that the corporation pays you (you have to think of the corporation as a separate entity) is to be reported as wages, on a W-2. 

You're supposed to withhold income taxes, and employment taxes (Social Security and Medicare and FUTA) on your wages, and the corporation pays the employer's part of those payroll taxes, and the corporation files quarterly tax returns during the year to report the payroll taxes and withholding and makes payments, usually monthly, with the IRS.

The SCorp will also file produce a K-1 for you to use on your taxes.

[stebecas]

Does this result in double taxation? My k1 shows the same income as reported on my w2. When doing my taxes, my income is now double what i actually made.