I have client who has 1120 S , and he paid himself by his company . For W2 he recived from his company . Should I Record them both in 1120 and indivisual

Forum|Forum|4 years ago
February 3, 2022
4 replies
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Best answer by qbteachmt

Yes, you are required to run payroll if this shareholder also works for the company (is an employee). It should already be in the financial record keeping. Don't add it twice.

Get some mentoring.

George4Tacks

Level 15

W-2 only is recorded on the 1040. I would be part (or maybe all) of the payroll expense on the 1120S.

Answers are easy. Questions are hard!

IRonMaN

Level 15

If you are asking that question you probably shouldn’t be preparing the corporate return without doing a little more homework first.

Slava Ukraini!

rbynaker

Level 13

A new S Corp client who's already running payroll? That IS impressive.

qbteachmtAnswer

Level 15

Yes, you are required to run payroll if this shareholder also works for the company (is an employee). It should already be in the financial record keeping. Don't add it twice.

Get some mentoring.

Don't yell at us; we're volunteers

U

userarenAuthor

Level 2

Thank you ,

That was helpful and I got my answer .

Thank you for advice

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