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Coolguy
Returning Member

Where to enter Accountable Plan expenses?

I have a single member LLC taxed as an S-Corp.  I have an accountable plan to reimburse office expenses.  Where do I enter this expense within the TurboTax Business program?

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4 Replies
DianeW777
Expert Alumni

Where to enter Accountable Plan expenses?

The expenses that are reimbursed to members, in this case yourself, will be deducted using the expense category for which the expense was reimbursed.  An example would be office supplies purchased and then reimbursed by the company when an expense report is turned in. 

  • Write up an accountable plan action plan for the LLC for reimbursement and then follow that plan.
    • Create an expense report and detail when they must be turned in to receive reimbursement
  • Make sure you keep track of the expense reports turned into the company (yourself under the LLC books and records).  
    • Provide a reason for the expense
    • Provide a receipt for the expense
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RRS4
New Member

Where to enter Accountable Plan expenses?

Thanks. So where would home office deductions in an accountable plan go in the Turbo Tax list of expenses? Rent? All other expenses?

ThomasM125
Expert Alumni

Where to enter Accountable Plan expenses?

You should set up a new miscellaneous expense and you can call it Home office Expense.

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Nosidam
Returning Member

Where to enter Accountable Plan expenses?

I thought Accountable Plan Expenses were reported on line 19 of the 1120S.

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