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M
mac20coaching
Level 4
April 7, 2022
Question

If a single-person Corporation files an 1120 and taxes are owed, will it not produce a K-1 to the owner for their personal return?

  • April 7, 2022
  • 1 reply
  • 5 views
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1 reply

qbteachmt
qbteachmt
Level 15
April 7, 2022

You used the word "corporation" but that is Generic.

You stated 1120, which is C Corp. It is not a Pass Through Entity. It pays its own taxes, and reports to shareholders, who might also have taxes to pay because of the corporate activities = double taxation.

Perhaps someone filed the wrong form. An S Corp would file 1120S. An S corp is a pass through entity.

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