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I am the sole owner-employee of S corp and i issued myself W2. on my personal tax return should i enter this w2 amount in line 1 of form 1040?
If I include this w2 from s-corp, income from the same flows to Form 1040, line 1. But income from the s-corp w2 is already included in total income - Form 1040, line 6 since it has the s-corp K-1 wage amount from Schedule 1, line 22
This leads to the w2 income from s-corp counted twice in total income - Form 1040, line 6 thereby leading to double taxation. Please let us know how to resolve the same
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June 1, 2019
10:33 AM
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Business & farm
If you are using TurboTax, you would use the W-2 entry screen. The amount in Box 1 of your W-2 will flow to Line 1 of your Form 1040.
June 1, 2019
10:33 AM
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Business & farm
If I include this w2 from s-corp, income from the same flows to Form 1040, line 1. But income from the s-corp w2 is already included in total income - Form 1040, line 6 since it has the s-corp K-1 wage amount from Schedule 1, line 22
This leads to the w2 income from s-corp counted twice in total income - Form 1040, line 6 thereby leading to double taxation. Please let us know how to resolve the same
This leads to the w2 income from s-corp counted twice in total income - Form 1040, line 6 thereby leading to double taxation. Please let us know how to resolve the same
June 1, 2019
10:33 AM
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Business & farm
Your K-1, and therefore Line 17 on 1040 Schedule 1 should not include the wages you paid yourself. They are a business deduction and should not included in net income/loss.
June 1, 2019
10:33 AM