If you are using TurboTax, you would use the W-2 e...
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Returning Member

I am the sole owner-employee of S corp and i issued myself W2. on my personal tax return should i enter this w2 amount in line 1 of form 1040?

If I include this w2 from s-corp, income from the same flows to Form 1040, line 1. But income from the s-corp w2 is already included in total income - Form 1040, line 6 since it has the s-corp K-1 wage amount from Schedule 1, line 22

This leads to the w2 income from s-corp counted twice in total income - Form 1040, line 6 thereby leading to double taxation. Please let us know how to resolve the same

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New Member

I am the sole owner-employee of S corp and i issued myself W2. on my personal tax return should i enter this w2 amount in line 1 of form 1040?

If you are using TurboTax, you would use the W-2 entry screen.  The amount in Box 1 of your W-2 will flow to Line 1 of your Form 1040. 

Highlighted
Returning Member

I am the sole owner-employee of S corp and i issued myself W2. on my personal tax return should i enter this w2 amount in line 1 of form 1040?

If I include this w2 from s-corp, income from the same flows to Form 1040, line 1. But income from the s-corp w2 is already included in total income - Form 1040, line 6 since it has the s-corp K-1 wage amount from Schedule 1, line 22

This leads to the w2 income from s-corp counted twice in total income - Form 1040, line 6 thereby leading to double taxation. Please let us know how to resolve the same
Highlighted
New Member

I am the sole owner-employee of S corp and i issued myself W2. on my personal tax return should i enter this w2 amount in line 1 of form 1040?

Your K-1, and therefore Line 17 on 1040 Schedule 1 should not include the wages you paid yourself.   They are a business deduction and should not included in net income/loss.
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