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I have 25% in s corp my K1 showed income155,095. I didn't…

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I have 25% in...

I have 25% in s corp my K1 showed income155,095 . I didn't get any of the money it was used by the company. yet I have to pay 30,000 in taxes for it. is there anyway to avoid this tax

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

I don't think so

Submitted: 27 days ago.Category: Tax
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Answered in 4 minutes by:
3/31/2018
Tax Professional: Barbara, Enrolled Agent replied 27 days ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,820
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

An S corporation is a pass-through entity, which means it files its own tax return, but does not pay any taxes.

Any profit (whether or not you received the money) is passed through to the shareholder (you) to be included on your personal tax return.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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