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How do I report 1120-S K-1 income as self-employment income?
There were no reasonable wages taken from the S-Corp to be taxed for social security and medicare.
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October 8, 2020
8:20 AM
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Get your taxes done using TurboTax
"How do I report 1120-S K-1 income as self-employment income?"
You simply cannot report K-1 (1120-S) income as self-employment income.
Shareholders of an S corporation are not self-employed; they are employees of the corporation if they perform services for the corporation on a regular and continuous basis.
If you did not pay yourself a reasonable salary, you might want to consult, in person, with a tax professional.
October 8, 2020
9:22 AM

Anonymous
Not applicable
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Get your taxes done using TurboTax
hopefully, the S-Corp return was filed by its due date of 9/15/2020. if not you face about a $200 penalty for late filing.
October 8, 2020
10:57 AM