The_TaxGuy
Level 2
03-05-2020
02:25 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The profit and lost are past through to the owner's 1040, does a Schedule C still need to be filled out?
Solved! Go to Solution.
qbteachmt
Level 15
03-05-2020
02:33 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
"Elected S-Corp" means someone has to prepare the 1120S.
"The profit and lost are past through to the owner's 1040"
Then, shareholders get a K-1.
It seems your client is not Independent, but an employee of this S Corp. There should be Payroll and a K-1 for this business and their relationship to it.
You don't use the K-1 to prepare a Sched C for the same business activity.
*******************************
"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
The_TaxGuy
Level 2
03-05-2020
02:56 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thanks for resolving the issue with my clients 1040.