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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29954
Experience:  Taxes, Immigration, Labor Relations
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Own S corp. has one w-2 employee. I sent in form 940 for

Customer Question

Own S corp. has one w-2 employee. I sent in form 940 for first quarter estimated taxes. Do I also need to do form 1040?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
You will need to file form 1040 for 2016 by Apr 15, 2017.
Expert:  Lev replied 1 year ago.
As you are a shareholder and an employee - your income from S-corporation will come as wages reported on W2 and your share of corporate income - reported on K1.Both are used to prepare 1040 form.For S-corporation - wages reported on W2 and corresponding employment taxes paid by S-corporation are deductible business expenses.These are reported on 1120S and will reduce income realized by S-corporation - and correspondingly - the taxable income passed to you on K1..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.