Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 4, 2019 12:09:54 PM

Washington State C Corporation

I am the CEO and President of a Washington State C Corporation - Innovative Development Solutions (IDS) Global, Inc. I filed my federal and CA state taxes as a resident of CA. The WA State Corporation, based out of Gig Harbor, WA, is co-founded by 4 people. There are a number of investors. In 2016, we had no revenue. Do I need to file a K-1 although we have accrued no revenue in 2016? Do I need to provide a separate filing although I submitted a Schedule C as part of my Fed/CA filing? Thank you.

0 1 751
1 Best answer
New Member
Jun 4, 2019 12:09:56 PM

Since this is a C-corporation, you will have no K-1s (These only apply to partnerships (or LLCs that file as a partnership) on Form 1065.)

Here is a link to IRS related to C Corporations - https://www.irs.gov/businesses/small-businesses-self-employed/corporations

Since you have a C-Corp, your company is considered a separate entity from you and will need to file a separate entity return (C-Corps file Form 1120s.) You will only need to include information about this C-Corp on your personal tax return if the C-Corp pays dividends or you have interest income on loans to the C-Corp.

C Corporation  is considered a separate entity and will need to be reported on a separate federal income tax return (you will need TurboTax Business, you can purchase a downloadable copy here ).

A schedule C filing would not be necessary with this C-Corp (even if it is a multi-membered LLC with 4 members).

Here is an IRS link related to LLC filings - https://www.irs.gov/businesses/small-businesses-self-employed/llc-filing-as-a-corporation-or-partner...

1 Replies
New Member
Jun 4, 2019 12:09:56 PM

Since this is a C-corporation, you will have no K-1s (These only apply to partnerships (or LLCs that file as a partnership) on Form 1065.)

Here is a link to IRS related to C Corporations - https://www.irs.gov/businesses/small-businesses-self-employed/corporations

Since you have a C-Corp, your company is considered a separate entity from you and will need to file a separate entity return (C-Corps file Form 1120s.) You will only need to include information about this C-Corp on your personal tax return if the C-Corp pays dividends or you have interest income on loans to the C-Corp.

C Corporation  is considered a separate entity and will need to be reported on a separate federal income tax return (you will need TurboTax Business, you can purchase a downloadable copy here ).

A schedule C filing would not be necessary with this C-Corp (even if it is a multi-membered LLC with 4 members).

Here is an IRS link related to LLC filings - https://www.irs.gov/businesses/small-businesses-self-employed/llc-filing-as-a-corporation-or-partner...