How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Tax.appeal.168 Your Own Question
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 3471
Experience:  3+ decades of varied tax industry exp. Tax Biz owner
Type Your Tax Question Here...
Tax.appeal.168 is online now
A new question is answered every 9 seconds

if i file a 1040 do i need to also file a 1120s. i have a

Customer Question

if i file a 1040 do i need to also file a 1120s. i have a sub s corp
and other assets and income from property
Submitted: 4 years ago.
Category: Tax
Expert:  Tax.appeal.168 replied 4 years ago.
Welcome. THANK YOU for choosing Just Answer. My name is Angela and my goal is to help make YOUR life, a little...LESS taxing.

If you have a Sub-S corp, you are required to file a Form 1120-S for the corporation and the form 1040 for your personal taxes. A Schedule K-1 is generated through the S corp. The Schedule K-1 reflects your profits or losses from the S-corp which are reported on the Form 1040.

Please let me know if I can be of further assistance to you regarding this matter.

Thank you again for using JUST Answer.
Customer: replied 4 years ago.

so is the schedule k all i need or do i have to file a separate 1120s?

Expert:  Tax.appeal.168 replied 4 years ago.
Hello again Merrill,

You have to file the entire 1120-S tax return. The Schedule K-1 is part of the 1120-S filing.

Here is how it works;

You complete the 1120-S first. This way you'll know what your profit or loss is from the corp. That information is reported on the 1120-S K1 (there are different K1's, be sure to use the one that applies to the S-corp). A copy of the Schedule K-1 is generated for your tax records. When preparing your 1040, make sure you enter the applicable information from the Schedule K-1. The information from the Schedule K-1 will be reflected on line 17 of the form 1040. The 1120-S gets sent to the applicable address, and the 1040 gets sent to thr applicable address.

Let me know if this clarifies matters for you.
Expert:  Tax.appeal.168 replied 4 years ago.
Hello Merrill,

I see that you have reviewed my answer, but have not yet rated it. Please let me know if you require further assistance with this matter.

Thank you