I am a 25% owner in a S-Corp but also an active working employee. I get a W-2 for my wages earned during the year but also get a K1 that is generated by our CPA when they prepare the S-Corp company return. I have always considered myself "self employed". I have taken over doing my personal tax return again (after several years of having CPA do them for me) and having trouble knowing best and/or correct way to report the K1 income/loss. Should I even bother telling TT that I have a business and then go through the income and expenses sections of TT? Or should I just simply "plug the K1 figures" into my personal return as additional income?
And I want to claim the home office deduction because I exclusively work from a room in my home as my home office even though the company does have a office address where one of my partners works from...does that desire to claim home office deduction dictate that I need to/should file the income mentioned above in one way or the other?
