Anita01
New Member

Business & farm

If you did not pay yourself, and you are a 100% shareholder or owner, the full amount of the profit flows through to you when you enter the k-1 from the Business.  If you haven't yet prepared a k-1 for yourself, you need to do that before you can file your personal return.

It's too late to issue a W-2 to yourself.  It doesn't matter whether you distribute any income to yourself or not.  All net profit or loss from the company flows through to you whether you actually distributed it or not.

You can take money out of the company for yourself, but that's not taxed in any way unless you have a profit in the business and then that profit is taxed when you enter it on the k-1 in your personal return.

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