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Level 1

I am doing my SCorp business tax return and can't find the place where I list my principle and interest payments for my mortgage. Help!

 
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Level 2

I am doing my SCorp business tax return and can't find the place where I list my principle and interest payments for my mortgage. Help!

To file an SCorp tax return, you will need to use the TurboTax Business program.  

The interest will get entered under the Deductions Tab in the Common Business Expenses Section.  If you are having trouble finding it, another option is to enter "interest expense" in Find (top right of screen) and an option to "Jump To Interest Expense" will display.  Click on the "jump to" and it will bring you to the Common Business Expense Section where you can enter your interest expense on the appropriate line item.

For the principal portion of your mortgage, you enter your Mortgage or Notes Payable beginning and ending balances for the year under the Balance Sheet tab.  Once you click on the Balance Sheet tab, TurboTax will walk you through questions related to your Balance Sheet items.  If you want to go right to the screen where to enter your Mortgage Balances, you can Find (search) for "mortgages payable" and a "Jump To mortgages payable, liabilities" entry will display.  Click on the "Jump To" option and you will be brought to the screen where you can enter your current (less than a year) and long term mortgage note beginning and ending balances.  Thus, your principal payments for the year will be known from that entry.  

 

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Level 2

I am doing my SCorp business tax return and can't find the place where I list my principle and interest payments for my mortgage. Help!

To file an SCorp tax return, you will need to use the TurboTax Business program.  

The interest will get entered under the Deductions Tab in the Common Business Expenses Section.  If you are having trouble finding it, another option is to enter "interest expense" in Find (top right of screen) and an option to "Jump To Interest Expense" will display.  Click on the "jump to" and it will bring you to the Common Business Expense Section where you can enter your interest expense on the appropriate line item.

For the principal portion of your mortgage, you enter your Mortgage or Notes Payable beginning and ending balances for the year under the Balance Sheet tab.  Once you click on the Balance Sheet tab, TurboTax will walk you through questions related to your Balance Sheet items.  If you want to go right to the screen where to enter your Mortgage Balances, you can Find (search) for "mortgages payable" and a "Jump To mortgages payable, liabilities" entry will display.  Click on the "Jump To" option and you will be brought to the screen where you can enter your current (less than a year) and long term mortgage note beginning and ending balances.  Thus, your principal payments for the year will be known from that entry.  

 

Level 20

I am doing my SCorp business tax return and can't find the place where I list my principle and interest payments for my mortgage. Help!

TT Business is a different program than Home and Business.