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"my wife has S corp she does her taxes and gets the w2. When i file the joint return do i need to add schedule K1 and w2 it looks like i am double paying "
my wife has S corp she does her taxes and gets the w2. When i file the joint return do i need to add both schedule K1form 1120s and w2? it looks like i am double paying when i include both"
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June 4, 2019
11:22 AM
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Business & farm
Yes, you enter them both.
The W-2 reports the wages that she received, and the K-1 reports the profit the corporation had (after the wages they paid her, so it is not doubling the wages).
June 4, 2019
11:22 AM