Jun 3, 2019 · Payroll taxes paid for employees are reported on line 12 of the 1120S (as are other taxes and licenses). If you are asking because you are trying to fill in your 1120S, look to see what you sent to the IRS using form(s) 941, lines 5a through 5d, in column 2.

Mar 9, 2022 · S corp - 1120s - line 8 - Salaries and wages - which box of W2 in the simplest situation, say you took $100K salary of which $24K went into a 401K so $100K for box 7. but as for the w-2 it could be box 3 or 5 (more complicated situations where certain items add to medicare wage reporting)

Mar 12, 2022 · Yes. Those forms are part of Form 1120S. They are filed with the return and a copy of Schedule K-1 and Schedule K-1-P is also given to each shareholder. Form 1120S in a subchapter S corporate tax return. An S Corp is a special type …

Jun 5, 2019 · However, if part of the reimbursement is for the personal use portion of your vehicle, then some income would be required to be reported and the S Corporation would enter that on your 1120S-K1. Review accountable and nonaccountable plans in IRS Publication 463 .

Jun 6, 2019 · If Schedule K-1 came from Form 1120S, S corporation shareholders generally cannot deduct unreimbursed business expenses with Schedule K-1 because the shareholders are categorized as employees when performing services for the corporation (and a corporate officer may be considered a statutory employee).

Feb 14, 2025 · I realized that messed up the value on line 1 (Stock basis at the beginning of the corporation’s tax year) of the worksheet on the first year I took a distribution several years back. Since the value in line 15 (Stock basis at the end of the …

Jun 3, 2019 · When you complete the Form 1120S in TurboTax Business, you will generate a Form K-1 for each shareholder in the S Corp. This K-1 becomes the input document by which you carry your share of profit (loss) and other tax attributes from the S Corp to your Form 1040 individual income tax return.

Feb 8, 2024 · No issues. This year I login and there’s no previous tax return. I wanted to import the last years balance sheet info and all the basic stuff. But, it’s not there. I talked 2 different people and they said that last years 1120s is gone unless I saved it on my laptop or printed it …

Jun 7, 2019 · I made the mistake of not reimbursing, but claiming a deduction on my 1120s for business mileage from 2016 to 2019. In 2020, my s Corp reimbursed me for that outstanding mileage, using the correct amount for each year. Do I now list the reimbursed amount as an expense for this year's tax return?

Mar 1, 2021 · The total distributions (except for dividends) -- including cash -- made to each shareholder and reported on line 17c of Schedule K should be reported on line 16d of Form 1120S, U.S. Income Tax Return for an S Corporation.