Do I enter income for an S-Corp owner on the 1120S that was reported on a W2 with his SS, or should this income be reported on line 7 of his 1040?

[Terry53029 · Accepted solution]

On owners 1040, not on 1120 all s corp owners should have a W2, and possibly a K1 

[justelectronicse]

Thanks

[Terry53029]

Glad to help

[qbteachmt]

Just further clarification: "reported on a W2 with his SS"

Both of these are Personal, both are listed on the 1040, and they go on Separate lines.

The 1120S is for all business activities. Whoever prepares the 1120S is supposed to also issue a K-1 to each shareholder.