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kbringas1
New Member

If i own a corporation with someone else do we both file separately or do one of us have to do it?

I’m currently trying to file for a corporation but want to know if my partner and i can claim it separately with our personal taxes or am i the only one who can do it 

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SharonC1
New Member

If i own a corporation with someone else do we both file separately or do one of us have to do it?

The corporation will file for itself.  

If it is an S corporation, the S corporation tax return (1120-S) will generate an IRS Schedule K-1 for each shareholder.  The IRS Schedule K-1 will be used to complete the owner's individual tax returns.

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2 Replies
Lisa995
Level 12

If i own a corporation with someone else do we both file separately or do one of us have to do it?

Seriously, go to a tax professional!  You don't want to screw up corporate taxes, its worth the money to get it done right, rather than to try and clean up the mess if you do it wrong!
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
SharonC1
New Member

If i own a corporation with someone else do we both file separately or do one of us have to do it?

The corporation will file for itself.  

If it is an S corporation, the S corporation tax return (1120-S) will generate an IRS Schedule K-1 for each shareholder.  The IRS Schedule K-1 will be used to complete the owner's individual tax returns.

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