topic S-corp distributions and a K-1 in Business & farm

S-corp distributions and a K-1

amueller99 — Tue, 04 Jun 2019 23:42:50 GMT

My law firm is run as a S-Corp. I own 100% of the stock. When I entered the business income on the Sch C - I did not include distributions to myself, therefore the business income reported on my 1040 includes the distribution amounts. If I then fill out a K-1 for the distributions, it doubles my income reported, therefore also my taxes. Should I be reporting this differently? I originally did not fill out a K-1...do I need one if I am reporting the income?

An S-Corp is a 100% separate entity from your personal re...

NicoleR — Tue, 04 Jun 2019 23:42:52 GMT

An S-Corp is a 100% separate entity from your personal return. You do need to fill a corporate return for it. The TurboTax product which can file for S-Corp is TurboTax Business.

As part of the business return there will be a K-1 generated which is used on your personal return.

How to add K-1 to your personal return if you haven't filed yet:

Open (continue) your return in TurboTax, if it's not already open.
In your TurboTax program, search for K-1 or K1 (lower-case works too) and then click the "Jump to" link in the search results.
This will take you to the Schedules K-1 or Q screen. Answer Yes and follow the prompts. (see Thumbnail #1)
- Note: You may be prompted to upgrade to Premier, depending on which version of TurboTax you're in.

? WHY ARE YOU FILING AN SCH C FOR BUS DO NOT. YOUR SCORP...

qjustme — Tue, 04 Jun 2019 23:42:53 GMT

? WHY ARE YOU FILING AN SCH C FOR BUS DO NOT. YOUR SCORP SHOULD FILE BY ITSELF GENERATING A K-1 WHICH IS PROFIT OR LOSS OF SCORP TO FILE WITH 1040 FRONT PAGE UNDER SCORP PROFIT OR LOSS. THIS IS YOUR INCOME FROM BUS.