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ERTC entries on 1120s

Can anyone confirm all the fields that need adjusting for the Employee Retention Tax Credit on 1120s and other affected forms? This is what I'm understanding.

 

1120s:

Line 8 - Salaries and Wages

p3-5 -Schedule K line16c - Nondeductible expenses

M1 Line 3b - Employment credits wage reduction (from expenses on M1 items worksheet)

 

Schedule K-1:

Part III - Line 13 code P

Part III - Line 16 code C

 

Form 1040:

Transfer K-1 information

Form 7023 - Basis adjustment - Limitation smart Wks - B nondeductible expenses

Form 3800 Pt 3 - 1aa column c

 

Form 3800 references form 5884 but Turbo Tax did not generate that form for me. Should it?

 

Of course entering info in the above fields flows to other places but I didn't list those. I've got this fear I'm missing something or are entering the information twice. 

 

 

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5 Replies

ERTC entries on 1120s

Oops. Forgot to mention above is for the amended returns.

 

To record in the year of receipt ??? Help!

AnnetteB6
Employee Tax Expert

ERTC entries on 1120s

Recent developments have required additional updates for Form 3800 for Schedule C and business returns.  As a result, the forms availability table may not show the revised date at this time.  

 

The current estimated date of availability is now February 28, 2024.  Please update your version of TurboTax after that date and continue the filing process.  

 

IRS forms availability table for TurboTax Business

 

@Countingcat 

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ERTC entries on 1120s

Is this in regards to the Employee Retention Credit for Covid?  Or is it for some other kind of disaster?

 

If it was for Covid, did you already file the amended 941s to claim the credit?

 

What year are you amending?

ERTC entries on 1120s

Yes for Covid and Paychex filed all the amended 941's. It would have been nice if they had said I needed to file amended income tax returns at the time but I just figured it out less than a week ago. Now jumping through crazy hoops to get it done. 

ERTC entries on 1120s

You reduce wages.   Don't directly say anything about the ERC because that has already been handled on the 941s.

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