riffy-igotsoluti
Level 1
‎12-01-2021 08:25 AM
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!
0 Cheers
George4Tacks
Level 15
‎12-01-2021 08:46 AM
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.

Answers are easy. Questions are hard!
IRonMaN
Level 15
‎12-01-2021 09:02 AM

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
It's a good thing you are not a cat. You know what happens to curious cats.

Answers are easy. Questions are hard!
IRonMaN
Level 15
‎12-01-2021 09:11 AM

I'm safe.  Nothing would kill me just before the start of tax season ---------- it would be too merciful.


Slava Ukraini!