Submitted By: Gary
Answered: January 21, 2014 8:30 am

Where do I report income from my corporation on Form 1040?

If you have a C corporation that files Form 1120, you only report compensation (including wages, bonuses, and taxable fringe benefits), dividends, and other taxable distributions received. The corporation itself pays tax on its profits. However, if you have an S corporation, in addition to reporting compensation and dividends, you also report your share of corporate profits on Schedule E of Form 1040. The amount reported on Schedule E is taken from Schedule K-1 issued to you by the S corporation.

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Tax Glossary

Joint return

A return filed by a married couple reporting their combined income and deductions. Joint return status provides tax savings to many couples.

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