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Does a sole proprietor of an S-corp create a k-1 & 1099 or W2?

Forum|Forum|7 years ago
June 4, 2019
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I paid myself by writing checks from my S-Corp to my self throughout the year but didn't W2 or 1099 myself... I was told it would be considered a draw and already included in the information I inputted. But I was also told to buy the turbotax software and it isn't too late to create a Schedule K-1 and W-2 for 2015 before I file? or a 1099 instead of a W2? Help! Im filing my S-Corp and personal taxes but haven't filled out a schedule K-1 or W2 (or 1099?).Confused on what I need or still can fill out to show that I personally paid myself by writing checks.

TurboTax Self Employed Online

Best answer by IsabellaG

As the sole owner of a Sub-S corporation, any compensation that the corporation pays you (you have to think of the corporation as a separate entity) is to be reported as wages, on a W-2.

You're supposed to withhold income taxes, and employment taxes (Social Security and Medicare and FUTA) on your wages, and the corporation pays the employer's part of those payroll taxes, and the corporation files quarterly tax returns during the year to report the payroll taxes and withholding and makes payments, usually monthly, with the IRS.

You are late in doing this, although there is still time to file a W-2 with Social Security (2/29 for paper file, 3/31 for efiling).

You are definitely late because you haven't been withholding and reporting properly all year. You can file these forms (941s /940) late with the IRS, but you will be subject to penalties.

I urge you to consider finding a tax professional to help you get back on the right track with the IRS as soon as possible, at least to get you started in the right direction.

Please see these links for more information: https://www.socialsecurity.gov/employer/filingDeadlines.htm

https://www.irs.gov/uac/Wage-Compensation-for-S-Corporation-Officers

https://www.irs.gov/pub/irs-pdf/p15.pdf

IsabellaGAnswer

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