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socrateaser, Attorney
Category: Business Law
Satisfied Customers: 38561
Experience:  Retired (mostly)
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Regarding tax form K-1 1120s, my corporation pays me a few

Customer Question

regarding tax form K-1 1120s, my corporation pays me a few thousand dollars per year. How do I report this, and how much of straight income is taxable?
Submitted: 1 year ago.
Category: Business Law
Expert:  socrateaser replied 1 year ago.
Hello, What are the payments for? Also, is this a C or S corporation?
Customer: replied 1 year ago.
payments were written out to me for 'cash' .
S corporation - very small, I am 100% stockholder and president, no employees.
Expert:  socrateaser replied 1 year ago.
Okay, so if you had any profits during the year, then the payments are distributions of those profits, which are reported on Form 1120S, Schedule K, Line 17c, and a K-1 information form would be issued to you showing the income, which you would then report on your Form 1040, Line 17. I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.Thanks again for using!