riffy-igotsolut i
Level 1
12-01-2021
08:25 AM
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The K1 is his company and he's an employee.
I entered the K1 details to file his individual tax return.
Should it be really showing as taxable in his tax return?
Thank you for answering!
I entered the K1 details to file his individual tax return.
Should it be really showing as taxable in his tax return?
Thank you for answering!
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George4Tacks
Level 15
12-01-2021
08:46 AM
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Either you (a) prepared the 1120S incorrectly or (b) You entered the k-1 incorrectly or (c) you did everything correctly and that income is taxable.
You did not post nearly enough information for anyone to know what the answer is.
Here's wishing you many Happy Returns
You did not post nearly enough information for anyone to know what the answer is.
Here's wishing you many Happy Returns
IRonMaN
Level 15
12-01-2021
09:02 AM
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I'm curious again today. If a Sub S return was prepared showing that it had net income, why are you thinking that it wouldn't be taxable on the shareholder's return?
Slava Ukraini!
George4Tacks
Level 15
12-01-2021
09:06 AM
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It's a good thing you are not a cat. You know what happens to curious cats.
Here's wishing you many Happy Returns
Here's wishing you many Happy Returns