I have an S-Corp, one man, no employees, no inventory and no building business. Independent manuf. sales rep. I get payroll W–2 as an employee for the s-corp. Complete a 1040 with payroll wage and line 17 income from the s-corp.
Can I check not self employed and not a business/corp owner on Profile registration? I am concerned about unfair application questions generated by my registration answers. Any comments are much appreciated.
Unfair in what way?
Your asset includes the percentage of your S-Corp. In your case, I think it’s 100%. You have to report both your W-2 income and asset. You your corp. does not have a lot of asset then you should not worry.
I am also “self-employed” but this year have converted my LLC to be taxed as an S-corp, so I will get a W-2, and also have a distribution of profits. And I own 100% of the business. I will report the first 2 as income, and the third as an asset. Not trying to get away with anything here, but am I “self-employed”?
I think it does not matter much whether you report as self-employed or employee of your own corp.
Only the amount of money and asset you have matter to colleges.
I would put “Employed” and the employer name is your corp name on CSS.
What is “unfair”?
Do you take any business deductions?
Yes, check not self-employed.
No, you can’t indicate you don’t own a business.