How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ghana Your Own Question
Ghana, CRTP
Category: Tax
Satisfied Customers: 12
Experience:  Registered California Tax Professional since 1990
Type Your Tax Question Here...
Ghana is online now
A new question is answered every 9 seconds

i am an officer and owner of different scorporations i

Resolved Question:

I am an officer and owner of 2 different S-corporations. I received a salary from one of the corporations (the other was not profitable in '05) in 2005. Do the corporation taxes need to be filed first before I can file my own personal taxes? If not, how do I add my corporation salary to my personal taxes? Is there a special form? Thanks.

Optional Information:
Yonkers, New York

Already Tried:

Submitted: 10 years ago.
Category: Tax
Expert:  Ghana replied 10 years ago.
This information is general in nature and does not reflect all the details of your situation.

Congratulation on being a successful business owner. I strongly encourage you to sit down with a tax professional to discuss all the pertinent details to your tax situation.

Form 1120S Income Tax for A S Corporation
Form K-1 Attachment

Form 1040 Individual Income Tax Return

S Corporations are what we call pass through entities. The income, expenses and deductions are passed through to each shareholder. That information is passed through to each shareholder on a form K-1.

The K-1 tells each shareholder how and where to put the income, expense or deductions onto their individual tax returns.

Use the links below for more information.

2005 Form 1120S

2005 Instruction 1120-S

I should also point out that a reasonable salary should be issued to you by each S Corporation each year. You should end up with two W-2's and two K-1's every year.

The K-1's will direct you as to where on your individual form 1040 tax return, to put the various incomes, expenses, and deductions. I expect you will also have passive income or losses that will be reported on a 1040 Schedule E.

You will need to have the S Corporation returned completed before you can accurately prepare your individual return.
The deadline for the S Corporation return is March 15 2006. The due for the individual return is Aprill 17 2006.

I hope this is helpful to you.
Ghana, CRTP
Category: Tax
Satisfied Customers: 12
Experience: Registered California Tax Professional since 1990
Ghana and 3 other Tax Specialists are ready to help you

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Previous | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA

Meet The Experts:

  • Wallstreet Esq.

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    10 years experience
< Last | Next >
  • Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    10 years experience
  • Mark D's Avatar

    Mark D

    Enrolled Agent

    Satisfied Customers:

    MBA, EA, Specializing in Business and Individual Tax Returns and Issues
  • Richard's Avatar


    Tax Attorney

    Satisfied Customers:

    29 years of experience as a tax, real estate, and business attorney.
  • Robin D.'s Avatar

    Robin D.

    Senior Tax Advisor 4

    Satisfied Customers:

    15years with H & R Block. Divisional leader, Instructor
  • Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
  • jgordosea's Avatar


    Enrolled Agent

    Satisfied Customers:

    I've prepared all types of taxes since 1987.
  • R. Klein, EA's Avatar

    R. Klein, EA

    Enrolled Agent

    Satisfied Customers:

    Over 20 Years experience