TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

anneh-hlwcpas-co

Level 1

Question

How do I report 1120-S K-1 income as self-employment income?

2 replies
39 views

There were no reasonable wages taken from the S-Corp to be taxed for social security and medicare.

TurboTax Premier Online

Level 15

"How do I report 1120-S K-1 income as self-employment income?"

You simply cannot report K-1 (1120-S) income as self-employment income.

Shareholders of an S corporation are not self-employed; they are employees of the corporation if they perform services for the corporation on a regular and continuous basis.

If you did not pay yourself a reasonable salary, you might want to consult, in person, with a tax professional.

A

Anonymous

hopefully, the S-Corp return was filed by its due date of 9/15/2020. if not you face about a $200 penalty for late filing.