Hi there,
My scenario is that I am paid a salary as an S-Corp owner with a 49% share. The other partner covers the business tax side of things for the company, and we have not paid any distributions this year. For my personal taxes/self-employed taxes, do I claim 49% of the expenses minus my salary?
You will enter your share of the S Corporation net income or loss as reported on the K-1 schedule that the corporation will issue to you. The profits will be divided based on the agreement between the shareholders as is typically stated in the corporate by-laws. So, your percentage will be based on the corporate by-laws that may differ from what distributions you received. It can be any percentage agreed upon by the shareholders.
You do not pay self-employment tax on S corporation earnings. You just pay social security/Medicare tax as listed on your W-2 form. You are required to pay a reasonable salary however to insure that you pay in your share of employment taxes.
So, prepare an S corporation return for the company, you can use TurboTax Business product to do that. When you are done you will have a schedule K-1 you can input into TurboTax. It goes in the Wages and Income area, then Business Items, then Schedules K-1, Q.