I own a single-member LLC that has filed taxes as an S-Corp (1120S) for 10+ years. In 2022, my S-Corp received a 1099-MISC from a client and the client had withheld 24% of the total payment for federal income tax purposes and sent those funds to the IRS. On my 1099-MISC, Box 2 (Royalties) has an amount and Box 4 (Federal income tax withheld) has an amount (24% of Box 2).
How do I receive credit for the funds that were paid to the IRS as reported in Box 4? I believe I am owed a refund of those funds based on my current tax situation, however, I cannot figure out how to register this withholding into TurboTax in order for TurboTax to calculate my overpayment.
I am using TurboTax Business 2022 for my S-Corp returns and TurboTax Home & Business 2022 for my personal tax returns. Any help on how best to proceed would be extremely appreciated.
Thank you!
