I am owner (100 %) of a Scorp which was profitable in 2017.
I also have W2 from same company.
In my personal tax return for 2017, I was taxed for both W2 and Scorp generated K1.
Obviously, I will have W2 in 2018. And I will pay W2 taxes. However, that W2 will be generated from Scorp money which I have already paid taxes in my 2017 tax return under K1 income.
Could anyone help me understanding the situation?
Thanks so much!