Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
al5667
New Member

My husband & I have LLC -S corp.We are coowners & officers.I entered our salary info in shareholder(>2% owner). Do we enter our salary in officers' compensation again?

My husband & I have LLC -S corp.We are co-owners & officers. We use turbotax business product. I entered our salary info in shareholder(>2% owner). Next is officers' compensation summary section. Do we have to enter our salary in officers' compensation again? or it's overlap? 

1 Best answer

Accepted Solutions
MichaelMc
New Member

My husband & I have LLC -S corp.We are coowners & officers.I entered our salary info in shareholder(>2% owner). Do we enter our salary in officers' compensation again?

No, please do not enter your salaries in both sections; they will be counted twice.

As you can imaging, an S Corp may have officer-employees who are not >2% owners, and may have compensated >2% owners who are not officers, so both scenarios must be made available. In your case, you have made the best choice, entering your compensation and your husband's in the >2% owner section, as that both accounts for the salary and provides the better disclosure of your roles in the S Corp.

View solution in original post

2 Replies
MichaelMc
New Member

My husband & I have LLC -S corp.We are coowners & officers.I entered our salary info in shareholder(>2% owner). Do we enter our salary in officers' compensation again?

No, please do not enter your salaries in both sections; they will be counted twice.

As you can imaging, an S Corp may have officer-employees who are not >2% owners, and may have compensated >2% owners who are not officers, so both scenarios must be made available. In your case, you have made the best choice, entering your compensation and your husband's in the >2% owner section, as that both accounts for the salary and provides the better disclosure of your roles in the S Corp.

View solution in original post

al5667
New Member

My husband & I have LLC -S corp.We are coowners & officers.I entered our salary info in shareholder(>2% owner). Do we enter our salary in officers' compensation again?

Thank you!
Dynamic AdsDynamic Ads
Privacy Settings
v