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 Lev Your Own Question
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29574
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

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: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year 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 1 year 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.