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Where does the 1120-S "Officer Compensation" get recorded on the personal 1040? its not showing on K-1.

mkedikian
Level 1
 
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IRonMaN
Level 15

That's where the W-2 comes into play.

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)

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IRonMaN
Level 15

That's where the W-2 comes into play.

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)

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IRonMaN
Level 15
If that wasn't helpful, I might suggest not preparing returns involving K-1s - you obviously don't understand how information flows to the 1040.
ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
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poolcleaner
Level 8
:+1::+1:
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dd4vols
Level 9
bless mkedikdian's little heart......
If an answer solves your issue, click on the "Accept as Solution" button! Makes it easier for people to find answers to similar questions that have already been posed.
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abctax55
Level 15

"....might suggest not preparing returns involving K-1s"   LOL

@mkedikian - Did YOU prepare the 1120-S?  If not, you must have a copy if you know what was on the line for Officer Compensation.  DOES your F 1040 client have a W-2 from the S-Corp?

Lotta' holes in here - NMI.

Former Chump..oops..AllStar...I used to be a people person, then people ruined it


If a post answers your question, click on *Accept as solution* for future searches
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mkedikian
Level 1
Yes, i prepared the 1120-S and the K-1.  Client did not issue W-2 for his compensation, not even a 1099.  I know he should have, but he didn't.  So now i have a balance that shows on his 1120-S line 7 and i want to know where does that balance on 1120-S Line 7 go on his personal 1040.   
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abctax55
Level 15
Nowhere.  Because there shouldn't BE anything on that line.
And to be blunt, you are in over your head on this.
Farm it out, or find someone to mentor you.
Former Chump..oops..AllStar...I used to be a people person, then people ruined it


If a post answers your question, click on *Accept as solution* for future searches
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IRonMaN
Level 15
Blunt isn't always bad, even though I have never gone that route --------------- at least not today ------ yet.  To borrow a line from Clint Eastwood ------------- a man's got to know his limitations.
ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
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George4Tacks
Level 15
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TaxMonkey
Level 8

Its completely wrong, but as other income subject to SE tax or schedule C, is less wrong than other places.

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qbteachmt
Level 15

You never issue a 1099-Misc to the shareholder/Partner/Member/Owner of their own entity.

*******************************
"Level Up" is a gaming function, not a real life function.
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Accountant-Man
Level 11

So he didn't receive any compensation?

** I'm still a champion... of the world! Even without The Lounge.
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