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T
The_TaxGuy
Level 2
March 5, 2020

Elected S-Corp

  • March 5, 2020
  • 1 reply
  • 6 views

The profit and lost are past through to the owner's 1040, does a Schedule C still need to be filled out?

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    1 reply

    qbteachmt
    qbteachmt
    Level 15
    March 5, 2020

    "Elected S-Corp" means someone has to prepare the 1120S.

    "The profit and lost are past through to the owner's 1040"

    Then, shareholders get a K-1.

    It seems your client is not Independent, but an employee of this S Corp. There should be Payroll and a K-1 for this business and their relationship to it.

    You don't use the K-1 to prepare a Sched C for the same business activity.

     

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      T
      The_TaxGuyAuthor
      Level 2
      March 5, 2020

      Thanks for resolving the issue with my clients 1040.

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