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Retirement tax questions
You are adding onto a post from 2017
I do not know much about S-Corps. But I believe that a S Corp K1 reports a shareholders share of income that is not compensation for IRA purposes. Self-employed income for IRA purposes must be reported on your 1040 Schedule 1 line 3 (schedule C).
I you are also an employee of the S corp then the S Corp. would issue you a W-2 just like any employee would receive.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
March 31, 2021
9:42 AM