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State tax filing
Yes, I found that the Schedule 'NC K1 CD401S' That TurboTax generates when you file a North Carolina Business return (CD401S) for a Taxed PTE (S-Corp) Is missing information on line #3. (All Shareholders - Deduction from Income). TurboTax shows it as 0, instead it should have shown the amount the S-Corp was already taxed on.
Once I manually entered the correct information on line #3. Then line #38 on my Personal return showed that amount and it was deducted from the Total AGI.
Otherwise you get taxed TWICE by North Carolina for S-Corp income. Once on the Business return and once on the Personal return.
I assume other people will experience the same issue because of this TurboTax Error.
March 6, 2024
11:09 AM