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Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1250
Experience:  MBA, EA, Specializing in Business and Individual Tax Returns and Issues
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How do i file for Income with an S corp and Income from w-

Customer Question

How do i file for Income with an S corp and Income from w-2s
Submitted: 7 years ago.
Category: Tax
Expert:  Merlo replied 7 years ago.
Hello rookie,

Are you trying to file your Form 1120-S or your personal Form 1040?
Customer: replied 7 years ago.

I am using the 1120-s

is there somewhere i am supposed to enter the w-2 information from the begining of year prior to the forming of the corp.

Expert:  Mark D replied 7 years ago.
Rookie,

If you are trying to deduct W2 wages paid to the corporation's employees, you would deduct Officer Wages on line 7 and regular wages on line 8 of Form 1120S. Please let me know if you have further questions or if that was not your question.

Regards,

Mark D
Customer: replied 7 years ago.
Heres the deal, For the 1st part of the year I was employed in which I recieved a w-2 for my income at that company, in august I started an S corp. So part of the year my income was from another company and when I formed the S corp my income was soley from it, do i need to file the 1120s and a 1040 or is there a form that i attach to the 1120s to add other means of income
Expert:  Mark D replied 7 years ago.
Rookie,

Form 1120S will strictly show your corporate income and expenses. The 1120S filing will produce a K-1 for each shareholder, showing their allocation of income and certain expenses. You will use this K-1 to show your share of this income on Schedule E of Form 1040. Most tax softwares have a place for you to input K-1 data. To clarify, you will need to file both Form 1120S and Form 1040. Please let me know if you have further questions.

Regards,

Mark D

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