- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
As an employee of your S corporation, you are required to pay yourself a reasonable salary. However, you should not duplicate whatever salary you received and reported on your 941 filings on your K-1.
You must issue yourself a W-2 if you withheld any income, social security, or Medicare tax, the corporation paid $600 or more in wages, or would otherwise have had to withhold income tax.
See https://www.irs.gov/instructions/iw2w3#idm140445852731920
Therefore, you are required to file a W-2 for the salary you received from the corporation and also a K-1 to report the ordinary business income (loss) of your S corporation (along with other items of income, gain, credits, et al).
You might want to seek guidance from an income tax professional since this is your first tax year with the S corporation and the initial filings are critical.