If an S Corp elects to pay taxes at the entity level on its state return (Georgia allows that), shouldn't the amount of taxes paid on the state return in TurboTax equal the amount of taxes that appear on the "Taxes and Licenses Smart Worksheet" on the line "State franchise or income taxes" on the federal 1120S?
For the past several years, TurboTax has a smaller value of state taxes paid on the 1120S than what's recorded on the state corporate return. I thought the two values should be identical.
If anyone could clarify the reason for the discrepancy, I would welcome it.
As FYI, we use cash basis, and all taxes paid are paid in the same tax year. There are no timing issues.
