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Robert M.
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Category: Financial Software
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Experience:  30 yrs. of computer experience in financial and marketing departments.
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I am a 10% owner in a contractor business (S Corporation) with

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I am a 10% owner in a contractor business (S Corporation) with my father and I just received my schedule k. I have entered my schedule k in turbo tax but I am wondering where I enter my "officer compensation" at. I have other expenses related to this business that I paid out of own pocket that I want to report. I was not issued a 1099 nor my father but we issued them to anyone who did contract labor for us. I was told a schedule c by the company that did the corporate returns. Would I enter it under 1099-misc even though I did not receive one or would it be a general business income? I see when I added my schedule k it enter a part under rent and royalities. Please help.
Submitted: 1 year ago.
Category: Financial Software
Expert:  Robert M. replied 1 year ago.

Hi, I'm Robert and I'll be helping you with your financial software question.

 

that is going to depend on how the company dealt with the money. If you issued a check to yourself like a bonus check and it was an expense in the company books than you can report it as personal income ie 1099 misc You can also deduct the company expenses from the income.

 

If the company is still holding that money on the books and you just kind of borrowed it from the account then it is still showing up as income from the company and you should probably deduct it from the final profit for the company as if you paid it back and then got your 10% share and you should add the expenses to the company expenses before taxes.

 

 

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