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Level 1
December 7, 2019
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1120s files sch c for 1120s draw, is this ok?

  • December 7, 2019
  • 1 reply
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Best answer by IRonMaN

No, the "draws" belong on a W-2 since they are payroll.  Some folks have trouble making the jump from sole proprietor to Sub S shareholder and should have just stayed as a sole proprietor.

1 reply

IRonMaN
IRonMaNAnswer
Level 15
December 7, 2019

No, the "draws" belong on a W-2 since they are payroll.  Some folks have trouble making the jump from sole proprietor to Sub S shareholder and should have just stayed as a sole proprietor.

Slava Ukraini!
Just-Lisa-Now-
Intuit Community Champion
December 7, 2019
but their barber told them they should be a corporation to save money on taxes!
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪