Solved: Elected S-Corp

The_TaxGuy · ‎03-05-2020

The profit and lost are past through to the owner's 1040, does a Schedule C still need to be filled out?

qbteachmt · ‎03-05-2020

"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.

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"Level Up" is a gaming function, not a real life function.

View solution in original post

qbteachmt · ‎03-05-2020

"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.

View solution in original post

The_TaxGuy · ‎03-05-2020

Thanks for resolving the issue with my clients 1040.

Elected S-Corp

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