Thanks for the reply. Just to flesh it out further. Let's assume I paid myself $400.00 a week and filed the 941 making quarterly tax payments on that amount ($4800) each quarter. Thus, my W2 would reflect $19,200 for the year. I would report the $19,200 as income. But if my K1 shows $20,000.00, most of that $20,000 would be for income that I paid myself that I reported on the W2. Am I double taxing myself at this point? It just sounds disingenuous to have to show both things as income when I only had one income.
