I'm both an officer and employee (as well as my wife) of the C-Corp and am not sure where to enter mileage and home office info since it exists in both the business category and the personal category. My guess is that TT17 Business is double-counting when I enter it in both places.
So, do I enter the C-Corp at all in TT17 Business or just let my CPA handle that? Where do I enter mileage for the LLC (presumably in the Business category? Where do I enter Home Office and mileage for the C-Corp? Thank you
If
you have hired a CPA to handle the C-Corp, you do not need to create a business
return for it. That's the CPA's job. As an officer and employee of
the C-Corp, you will enter your mileage and home office expense on your personal return
as employee job expenses. (See the instructions below for where to enter
them.)
For the LLC, you don't say if you are a Partner in a partnership, or a Sub-Chapter S shareholder. The tax treatments are different:
Unreimbursed partner expenses (UPE, for short) should be entered in your Partnership Schedule K-1 interview. TurboTax asks you about UPE with follow-up entry at the end of the Schedule K-1 input.
To quickly get to this section of TurboTax, use the search box found at the top right of your screen. Type in "schedule k-1" and Enter, then choose "jump to schedule k-1" to go directly to the topic.
If you were an S-Corporation shareholder, you would have to also be an employee to take this as an Employee Business Expense on your Schedule A.
To get to this section of TurboTax, type "employee business expenses" in the Search box and Enter, then choose "Jump to 2106" to go directly to the topic.
My generic answer is below, and hopefully it helps. If not, did the partnership pay the mileage and home office expenses under a reimbursement plan?
If
you have hired a CPA to handle the C-Corp, you do not need to create a business
return for it. That's the CPA's job. As an officer and employee of
the C-Corp, you will enter your mileage and home office expense on your personal return
as employee job expenses. (See the instructions below for where to enter
them.)
For the LLC, you don't say if you are a Partner in a partnership, or a Sub-Chapter S shareholder. The tax treatments are different:
Unreimbursed partner expenses (UPE, for short) should be entered in your Partnership Schedule K-1 interview. TurboTax asks you about UPE with follow-up entry at the end of the Schedule K-1 input.
To quickly get to this section of TurboTax, use the search box found at the top right of your screen. Type in "schedule k-1" and Enter, then choose "jump to schedule k-1" to go directly to the topic.
If you were an S-Corporation shareholder, you would have to also be an employee to take this as an Employee Business Expense on your Schedule A.
To get to this section of TurboTax, type "employee business expenses" in the Search box and Enter, then choose "Jump to 2106" to go directly to the topic.