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patmag
Level 3

S Corp tax return

Hello. Me and my wife (married filing jointly) are shareholder/owners of an S Corp. I've noticed that previous CPA's were not very knowledgeable and the tax return was not what it should be. We did not have a payroll or W2, I also couldn't find a 1099-MISC. Please see below all forms that were filed.

 

Business tax return:

Form 1120S
Schedule K-1 for me and my spouse
Form 4562
Form 8879-S
Form CT-3-S
Form CT-34-SH
Form IT-2659
Form TR-579-CT

 

Personal tax return:

Form 1040
Form 1040, Schedule 1, Additional Income and Adjustments
Form 1040, Schedule 2, Tax
Form 1040, Schedule 6, Foreign Address and Third Party Designee
Form 1040V, Payment Voucher for Balance Due Returns
Schedule B, Interest and Dividend Income
Schedule D, Capital Gains and Losses
Schedule E, Supplemental Income and Loss
Form 2210, Underpayment of Estimated Tax
Form 8949, Sales and Other Dispositions of Capital Assets
Form 8962, Premium Tax Credit
Form 1040, Qualified Business Income Worksheet
Affordable Care Act Worksheet
2x K-1 Worksheet

 

After searching for an accountant I decided to try to do the tax return for 2019 myself. If there was no payroll, how would you recommend to file the return? Should I issue a K-1 for shareholders and then file a 1099-MISC on our personal tax return?

 

Thank you

3 Replies
DavidD66
Employee Tax Expert

S Corp tax return

If you are going to file your tax returns yourself, you will have to file a form 1120-S for your business.  The S-Corp tax return will generate Schedules K-1 for you and your wife (and any other shareholders).  These are necessary to file your personal tax returns. So will have to do your business returns first.  You do not issue yourself Forms 1099-MISC.  As an S-Corp, in addition to being the owners, you are also required to treat yourself as employees (if you work for the business).  As employees, you are supposed to pay yourselves via payroll, withhold tax, and issue W-2s.  If you paid yourself and did not do so through payroll, the payments are distributions to owners, and are reported on your K-1s.  

 

To prepare your Form 1120-S, you will need TurboTax Business: https://turbotax.intuit.com/small-business-taxes/ 

 

To prepare your personal returns, you can do so using TurboTax Online or TurboTax Desktop.  With either one I recommend the Premier version if you need to file Form 8949 again.  For more information see:

 

Purchase TurboTAx Online

 

Purchase TurboTax Desktop CD/Download

 

 

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patmag
Level 3

S Corp tax return

Thank you for your reply.

So K-1 is everything I need if I didnt have a payroll?

 

I would not be able to deduct a portion (office space sq ft percentage of whole house) of all housing expenses such as utilities/mortgage/interest/repairs etc?

I've been told by an attorney that I can deduct these on a 1099-MISC on my personal tax return.

 

I am running a medical billing business from home office. Am I eligible for Form 8949?

How/at what point would I be able to create Form 8949? 

DaveF1006
Employee Tax Expert

S Corp tax return

If you have capital gains or losses to report in your return, an 8949 is generated automatically to report the disposition of those gains and losses. 

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