luckyaces09
Returning Member

Business & farm

Yes, I am showing a negative number on Item F of the 1120-S as my total income was less than my deductions. Is that allowed?

 

I am the only shareholder in my S Corp and own 100% of the corporation. Are you saying that if I have a negative k-1 I will be able to deduct that from my w-2 income that I paid to myself. 

 

Thank you!