DavidD66
Expert Alumni

Get your taxes done using TurboTax

No, what I was saying is that as an S-Corp, you SHOULD have been paying yourself as a W-2 employee.  That means withholding taxes, social security, etc.  You then would have to send all of your employees (even if you're the only ones) a W-2 that reports all of the payroll information.  But you didn't treat yourself as an employee. You didn't pay yourself and withhold taxes, social security, and Medicare.  Unless you were to go back and pay yourself as an employee retroactively, there is nothing to report on a W-2.  

 

It is possible the IRS will come back and deem some of what you earned during 2020 as "salary".  If that occurs, both you and the business will have to pay social security and Medicare tax, plus penalties and interest on that salary.

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