mjf06241972 Posted December 10, 2017 Posted December 10, 2017 SCorp filing as LLC. Only owners in business and each owner receives K1 and a W2. Would I do the S/E Adjustment on the K1 income and then add full income on the W2 for total income for calculation purposes? Thank you.
ETA Consulting LLC Posted December 11, 2017 Posted December 11, 2017 S-Corp filing as an LLC??? Or LLC Filing as an S-Corp? Please clarify. CPC, QPA, QKA, TGPC, ERPA
mjf06241972 Posted December 11, 2017 Author Posted December 11, 2017 LLC filing as an SCorp, I believe. Accountant provided me with a K1 and a W2 for each partner.
jpod Posted December 11, 2017 Posted December 11, 2017 If it is an S Corp for tax purposes you ignore the K-1 and use only the W-2. With all due respect you need to be more certain than just "I believe."
C. B. Zeller Posted December 11, 2017 Posted December 11, 2017 On the K-1, underneath where it says "Schedule K-1" does it say Form 1065 or Form 1120S? 1065 is for partnerships, including LLCs, and 1120S is for an S-corp. ETA Consulting LLC 1 Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance. Corey B. Zeller, MSEA, CPC, QPA, QKA Preferred Pension Planning Corp.corey@pppc.co
mjf06241972 Posted December 11, 2017 Author Posted December 11, 2017 Got the answer. Thank you everyone!
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