I have turbo tax business and working on my S Corp taxes. This year, I discovered we had not filed form 5500EZ for the company's 401K for the previous 3 years. I had to submit the delinquent 5500EZ forms plus a $1500.00 penalty for late filing. I initially planned to list the $1500.00 penalty in the section under taxes, but I was told that penalties are not tax deductible so I did not want to include them there. Do I list the penalty payment as distributions to the owner (my self) so I pay tax on it on my personal taxes? I am not sure where to list it. Can someone help me?
Thanks!
Brent
