I have a LLC but I'm treated as an S-Corp. I did not pay myself a salary. Do I issue myself a 1099 for the money I received? If not, where do I claim the income?

[billakc]

I'm the only person in the company and want to pay the proper taxes.

[dmertz]

You are an employee of the S corp.  Your S corp must pay you a reasonable wage and report your wages on Form W-2:

<a rel="nofollow" target="_blank" href="https://www.irs.gov/businesses/small-businesses-self-employed/s-corporation-employees-shareholders-a...>
<a rel="nofollow" target="_blank" href="https://www.irs.gov/uac/wage-compensation-for-s-corporation-officers">https://www.irs.gov/uac/wage-c...>

[SweetieJean]

And you should have been filing employment tax returns:
<a rel="nofollow" target="_blank" href="https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations?_ga=1.98558111.18226653...>

[dmertz]

In addition to the W-2, your S corp must also provide you with a Schedule K-1 (Form 1120S) for your share (in this case, 100%) of the S corp's income, deductions and credits reported on the S corp's tax return.  (Your wages reported on Form W-2 will be an expense of the business which reduces the amount of income your S corp would otherwise report to you on the Schedule K-1.)

[billakc]

I can't go back and setup a salary at this point.  I know going forward I need to set a reasonable wage for myself.   How do I correctly file this for 2015 where I didn't have a salary but still took out money.

[Critter]

You do NOT give yourself a 1099.  You will get a K-1 from the Corporate return.  The S-corp return must be filed first and it needs it's own program ...

 Go to this TurboTax website for the Business Edition - <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/small-business-taxes/">https://turbotax.intuit.com/small-business-taxes/...>

[dmertz]

You should probably enlist the services of a tax professional to help you straighten this out.  You indicated that you received money from the S corp, so an amount that was considered to be a reasonable wage should have been reported to you and the IRS on Form W-2, even if it's late and your S corp's tax return requires amendment and late payment of Social Security and Medicare taxes needs to be made.  By not fixing this properly, you are setting yourself up for even larger penalties later than you may already be subject to now.

[billakc]

Thanks for you help.

[SweetieJean · Accepted solution]

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