Is there any impact on my personal taxes for startup costs of a new C corporation? I started a business entity in 2022 as a C corporation. A C corporation was required because it was funded via a ROBS (rollover of 401k for business startup) as well as with personal funds.Stockholders are solely myself personally (~25%) and a 401k for benefit of me (remaining ~75%).The business had no operations in 2022 (it is operating as of early 2023) - only startup costs and interest income. No wages or dividends paid; no revenue (besides bank interest).I understand the corporation will have to file form 1120 for its taxesWhat, if any, impact is there on my personal tax return for 2022? Is there any deduction or credit?

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mjdarcy97

Question

Personal startup costs into C corporation; deductions / impact on personal taxes?

Forum|Forum|3 years ago
February 12, 2023
1 reply
0 views

Is there any impact on my personal taxes for startup costs of a new C corporation?

I started a business entity in 2022 as a C corporation. A C corporation was required because it was funded via a ROBS (rollover of 401k for business startup) as well as with personal funds.
Stockholders are solely myself personally (~25%) and a 401k for benefit of me (remaining ~75%).
The business had no operations in 2022 (it is operating as of early 2023) - only startup costs and interest income. No wages or dividends paid; no revenue (besides bank interest).
I understand the corporation will have to file form 1120 for its taxes
What, if any, impact is there on my personal tax return for 2022? Is there any deduction or credit?

Anonymous_

Employee

@mjdarcy97 wrote:
Is there any deduction or credit?

Deduction or credit for what? The corporation can reimburse you for any personal expenses you incurred on behalf of the corporation (including start-up costs), but there are no other deductions or credits for starting a C corporation.