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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 14001
Experience:  15years with H & R Block. Divisional leader, Instructor
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I am an IT consultant and have a scorp. Last year I earned

Customer Question

I am an IT consultant and have a scorp. Last year I earned about $200000 from my clients. I have paid myself wages to the tune of $100000. Can I classify the rest as a distribution ? Also since scorp is a pass through entity do I need to file business taxes ? If I need to file do I need to show $200000 as income or $100000 as income ?
Submitted: 11 months ago.
Category: Tax
Expert:  Robin D. replied 11 months ago.


You have to file the S corp return. A corporation or other entity must file Form 1120S if it elected to be an S corporation. You have to issue your self a K1. You should also have a W2 for the pay you received for the $100k.

You will have all the income passed to you so you and the profits of the S corp (after expenses) will also be taxable to you.

I think you need to get an accountant to assist you in all your filing especially that payroll tax issue.

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