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Level 1
April 13, 2024
Question

Where to enter late filing penalties for an S-Corp?

  • April 13, 2024
  • 1 reply
  • 2 views

We were late submitting our 2021 and 2022 returns and paid those penalties to the IRS in full in 2023.  Can someone explain to me where we'd enter the penalties paid to the IRS for the late filing?  I'm using TurboTax Business for Partnerships, Corporations, LLCs, Trust and Estates.

Thank you, in advance, for your guidance!


1 reply

Mike9241
Level 15
Level 15
April 14, 2024

as a non-deductible expense. 

Mike9241
Level 2
April 14, 2024

Right.  But where in TurboTax does this get entered?  Does this get untered under Business Expenses in the "All toher expenses" category under the "Your Dedcutions" section? That doesn't seem right to me since this shouldn't be a deduction?

Level 2
November 28, 2024

penalties are not a deductible expense, so it's an M-1 Non-deductible expense.