topic How do I report 1120-S K-1 income as self-employment income? in Get your taxes done using TurboTax

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

anneh-hlwcpas-co — Thu, 08 Oct 2020 15:20:32 GMT

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

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

Anonymous_ — Thu, 08 Oct 2020 16:23:23 GMT

"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.

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

Anonymous — Thu, 08 Oct 2020 17:57:42 GMT

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.