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Regarding tax form K-1 1120s, my corporation pays me a few…

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regarding tax form K-1 1120s...
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: 3 years ago.Category: Business Law
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6/13/2015
Business Lawyer: socrateaser, Attorney replied 3 years ago
socrateaser
socrateaser, Attorney
Category: Business Law
Satisfied Customers: 39,987
Experience: Retired
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Hello, What are the payments for? Also, is this a C or S corporation?
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Customer reply replied 3 years ago
payments were written out to me for 'cash' .
S corporation - very small, I am 100% stockholder and president, no employees.
Business Lawyer: socrateaser, Attorney replied 3 years 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 justanswer.com!
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