S-Corporation Income Issues

My husband owns a 1-person s-corporation. How or where in ESPlanner, do we properly input the following:
1. Total s-corp gross income of $245,855 (reported on the 1120S tax return)
2. K-1 of $30,000 received from the s-corp (to report on the 1040 tax return)
3. Profit Sharing (25% of salary) paid by s-corp
4. Health care premiums of $12,432 paid by s-corp.
5. Wage of $128,432 (Box 1 of W2)
a. $128,432 = $140,000 salary plus $12,432 in health care premiums paid by
s-corp minus $24,000 employee paid 401k contributions
b. (The $12,432 in health care premiums is later deducted under the AGI
section of the 1040 tax return)
6. Where does the remaining $87,423 of income get recorded in ES Planner, since
he receives $245,855 in gross receipts- but only records the $30,000 of K-1
income and $128,432 in wages in ES Planner?


dan royer's picture

I'm not very good with tax issues etc. But perhaps it helps to remember to distinguish wages from self-employment wages. You can use Special Expenditures and mark expenses as excludable from AGI. Other income is just earnings--if it has payroll taxes--or just special receipts if not. I hope that helps some.