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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28082
Experience:  Taxes, Immigration, Labor Relations
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I am involved in a s corp with family. They want to pay me

Customer Question

I am involved in a s corp with family. They want to pay me 20,000 dollars this year. I am on Obamacare so this is taxable income which I cannot take. can I give this to my family for all the work they put in on this development?
Submitted: 7 months ago.
Category: Tax
Expert:  Lev replied 7 months ago.
If you RECEIVED that income - there is nothing you may do - it is YOUR income regardless how you use that after it was constructively received.
Expert:  Lev replied 7 months ago.
But if you do not want that income - you might want to give up the ownership on S-corporation shares.You may sell shares or gift them to other family members or give them back to S-corporation..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.