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Tax.appeal.168
Tax.appeal.168, Tax Accountant
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I asked some questions about an S Corp. the otherday, I have

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I asked some questions about an S Corp. the otherday, I have another.
I have printed out a 1040 and a 1120S now am i going to have to file both of these or not
Submitted: 5 years ago.
Category: Tax
Expert:  Tax.appeal.168 replied 5 years ago.
Hello, THANK YOU for choosing Just Answer. My goal is to help make your life...a little...LESS taxing.

Happy New Year Seaman 1967!!

I was the expert who answered your questions the other day. You will prepare the 1120-S and the form 1040. You have to file 2 separate tax returns, one for the 1120-S corp, and the other for your individual. Again, here are the docs that you need to prepare;

1120-S
Schedule K-1 (make sure that it is the Schedule K-1 for the 1120-S corp.)
Form 1040.
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Expert:  Tax.appeal.168 replied 5 years ago.
I am going to be leaving the computer soon for at least 4 hours, in the event that you need an explanation, I'll break it down for you now.

1) On the 1120-S return, you will record your gross receipts and eligible expenses for the business. When you are done entering the income and expense info, you will either show a profit or loss. This profit or loss amount is reflected on the Schedule K-1.

2) From the Schedule K-1, this amount is transferred to line 17 of your 1040. The income or the loss will either increase or decrease your AGI.

If you still need further clarification, do let me know within the next 45 minutes, after then, I will be off to enjoy a brunch cruise.

Thank you.
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