First the S-corp return MUST be filed first then the 1120-S will produce a K-1 for each of you to be reported on your tax return. No matter if you file a joint or separate tax return you are required by law to report ALL your income from ALL sources on the return you file ... not doing so is against the law.
First the S-corp return MUST be filed first then the 1120-S will produce a K-1 for each of you to be reported on your tax return. No matter if you file a joint or separate tax return you are required by law to report ALL your income from ALL sources on the return you file ... not doing so is against the law.
Thank you Critter#2. Just to be clear I want to know how much will I get from my regular salaried job from another company. That is why I want to file separately from my S Corp. Will I get my tax refund for this separately?
You will be filing 2 separate returns. You need to first file a 1120-S business return using Turbo Tax Business. Do you have access to a Windows computer? Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.
https://turbotax.intuit.com/small-business-taxes
THEN you get a schedule K-1 from the business return that you will enter into your personal 1040 tax return along with your W2 and any other 1099s. If you are using the Online version you will need to use Premier to enter a K-1.
Just to clarify: If the corporation was profitable and you received money from it, you should receive a K-1 *AND* and W-2 from the corporation. You DID put yourself on payroll and file quarterly employer forms, right? If not, RUN to a tax professional before you really end up in trouble.
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Thank you! Yes I did file both for the S company that my husband and I have. Now this coming tax season, I have another salaried job (the regular one with another company) that I need to file. To be honest the S corp that we have is not profitable. And we have paid a big amount of tax. I want to separate the tax I will file for my new salaried job and not file it together. Beacuse i want to received a refund from my regular salaried job from another company as the s corp we usually pay tax. I dont want my tax refund to be eaten up by the s corp tax. is it possible? yws or no?
No, it is not possible. After the corporation files its tax return, ALL of your income (including the K-1 and W-2 from the S-corporation) MUST go on your personal tax return.
If you are owing tax due to the corporation, that means it WAS profitable and that you MUST be on salary with a W-2 (assuming you took money from the business).
An S-corp doesn't pay any income taxes since it is a pass thru entity ... so what taxes did your company pay?
And if you insist on completing the return illegally by filing just the wages from the job then you will need to amend that return later to include the rest of your income ....you cannot file another return.... you can only file ONE return per tax year, you cannot file two. Amended returns must be mailed in, input by the data entry operators who have a 25% entry error rate, then wait 16+ weeks for it to fully process. Not the best idea in the long run and not legal.
"To be honest the S corp that we have is not profitable. And we have paid a big amount of tax." Those statements are mutually exclusive, so I suspect you've done something wrong.