I am a 25% owner in a S-Corp but also an active working employee. I get a W-2 for my wages earned during the year but also get a K1 that is generated by our CPA when they prepare the S-Corp company return. I have always considered myself "self employed". I have taken over doing my personal tax return again (after several years of having CPA do them for me) and having trouble knowing best and/or correct way to report the K1 income/loss. Should I even bother telling TT that I have a business and then go through the income and expenses sections of TT? Or should I just simply "plug the K1 figures" into my personal return as additional income?
And I want to claim the home office deduction because I exclusively work from a room in my home as my home office even though the company does have a office address where one of my partners works from...does that desire to claim home office deduction dictate that I need to/should file the income mentioned above in one way or the other?
You should report the K-1 only on your personal tax return with regard to the business. Your business income and expenses should be listed on the corporate tax return, including the home office expense.
You calculate the home office expense and enter the total on the S corporation tax return as a single entry, you don't include the home office form 8829, as that is just for a sole-proprietor reporting on schedule C.
Since you are a shareholder in a corporation and an employee thereof, you should not report any of your business expenses on your personal tax return on schedule C.