Solved: Single Member LLC as S Corp
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
degmobedada
Level 1

Single Member LLC as S Corp

Hi,

I have a single member LLC and I have elected it to be taxed as an S Corp.  I also have a full time job and I have a w-2 for it.   A couple of questions:

 

1. I am using TurboTax business for my LLC and have selected the option "S Corp".  It's asking me if I have paid anyone including a shareholder.  Since I am the sole owner and I do the actual work, do I become the shareholder and therefore I have to create a W2 or 1099 for myself?  If so, which one do I create (W2 or 1099)?

 

2.  Also, how do I transfer income from my business filing to the personal one?

1 Best answer

Accepted Solutions
tagteam
Level 15

Single Member LLC as S Corp

You create a W-2 for yourself since you are technically an employee of the corporation (hopefully, you have been paying yourself a salary and withholding federal and, possibly state tax).

 

The income is transferred when you enter the information from your K-1 into your individual income tax return (a K-1 will be generated in the process of preparing the 1120-S).

View solution in original post

1 Reply
tagteam
Level 15

Single Member LLC as S Corp

You create a W-2 for yourself since you are technically an employee of the corporation (hopefully, you have been paying yourself a salary and withholding federal and, possibly state tax).

 

The income is transferred when you enter the information from your K-1 into your individual income tax return (a K-1 will be generated in the process of preparing the 1120-S).

View solution in original post

Dynamic AdsDynamic Ads
v
Privacy Settings