- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
In box 1 of the K-1 16,073
She does not receive a W2
It does not appear that her personal expenses were used as deductions for the business
Her gross sales were entered on the 1120S, legitimate business expenses were deducted, leaving the 16,073 listed as "Ordinary Business Income" on the same 1120S. This is essentially what she spent on personal expenses and is the same amount listed on the K-1.
She does not receive a W2
It does not appear that her personal expenses were used as deductions for the business
Her gross sales were entered on the 1120S, legitimate business expenses were deducted, leaving the 16,073 listed as "Ordinary Business Income" on the same 1120S. This is essentially what she spent on personal expenses and is the same amount listed on the K-1.
May 31, 2019
5:50 PM