I have an S Corporation and have no employees. How do I claim the personal income versus the S corp income? Do I file separately? Do I need a W-2?
You'll need to sign in or create an account to connect with an expert.
The K-1 form, or S-corp equivalent, should allow you to report your S corp gains
Hi! I am a TurboTax Live CPA. You will typically need to file a W-2 from the S-Corp to yourself for any employee services rendered. Generally the wage paid must be fair and equitable considering the work performed. All other income will flow through to your return via a K-1 from the S-corp.
The corporate return is completed and filed separately from the personal return and it is due 3/15 every year unless you put it on extension. So did you just start a corporation or did you miss filing the 2020 return this year?
Once the corp return is complete it will issue a K-1 form to each owner to be filed on the personal tax return. If you work for the business you must also take a wage/salary and file payroll tax reports quarterly/annually and issue all the employees a W-2 in January.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
mx99
New Member
xd1
New Member
xanman2112
Level 2
gordonwrogers
Level 1
TStarkey
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.