The Problem with Schedule K1 for North Carolina (NC K-1) for Taxed PTE.
I reported that my S-Corp is a Taxed PTE.
Lets say the S-Corp earned $500,000 for 2024.
One Line #1 (NC-K1) - it says $500,000
One Line #2 (NC-K1) - It says $22,500 (The amount of taxes the S-Corp already paid in taxes to NC in 2024 (4.5% of $500,000).
The Problem is that Line #3 - Deductions from Income - Shows 0 on NC K1 (By TurboTax Business).
Also Line #38 - The amount of Income that was already taxed - Should show $500,000 - But in TurboTax Business NC K1 - shows 0.
The Result is: My S-Corp already paid NC Taxes $22,500 on the Business Level.
And when I do my Personal Taxes (TurboTax Premier) Because Line #38 is 0. I am taxed ANOTHER $22,500 on the same $500,000 S-Corp income but this time on the Personal Level.
Please Fix.
