AliciaP1
Expert Alumni

Business & farm

The correct amount to claim depends on if you had pre-tax deductions or not.  The best definition of salary in your case is "gross annual salary plus the value of taxable fringe benefits less any employment credits claimed".  Also, as the sole owner and officer of the S-Corp, you report your salary on line 7, not line 8.

 

See Form 1120-S for more detailed instructions for Line 7 and Line 8 of the form.

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