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Is it possible for a person to have tax documents reflecting a business as both Schedule C Income and 1120S? If it is a corporation, can it be listed as both?


Expert Barbara Blacklidge's Answer:

It is possible to have tax documents reflecting business income for Schedule C and 1120S. This occurs when the company you perform work/services for issues a 1099 to you personally under your social security number. In those instances, you would include the 1099 income on Schedule C of your 1040 with any expenses that pertain to that income. Any income your S corporation generates will be included in your 1120S. Please let me know if you require further information or clarification. Thank you and best regards, Barbara

Barbara Blacklidge, EA


17 yrs experience

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21 Ans.