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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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Where to report guaranteed payment on Form 1120? Is Form

Customer Question

Where to report guaranteed payment on Form 1120? Is Form 1065 required?
JA: Thanks. Can you give me any more details about your issue?
Customer: A small corporation, actually an LLC electing to be taxed as a corporation, pays its owner a salary through a guaranteed payment plan. Owner is doing taxes for corporation, but can't tell where to report her payment on Form 1120. Can her payment be itemized among "Other Deductions" or should she complete Form 1065, which uses line 10 to report guaranteed payments?
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Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

There is NO guaranteed payment for the corporation.
Instead you woudl pay wages to employees including corporation officers.