<p>My mother owns an S-corp that currently sits there doing nothing, e.g. 0 income, 0 profit, 0 expenses this year. Obviously, she and my father both have regular-paycheck jobs. On the PROFILE registration, should I list my parents as self-employed? I have done so, but then on the actual application when I have to indicate employment status for each parent, both will NOT be self-employed... and that doesn't match up.</p>
<p>It should match what their tax statements say.</p>
<p>Do tax statements indicate self-employment status? In that case I’m pretty sure they are not self-employed, since they have to report actual income from their jobs. Unless you can be both self-employed and, um, non-self-employed.</p>
<p>You can have an S Corp and be an employee at the same time. If the S Corp has no income, then nothing from it will be added to your parents’ adjusted gross income. Your parents might still file a Schedule E, but it would show a net of zero for income, and that zero would appear on the income portion of their tax return.</p>
<p>Okay, thanks!</p>