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Where can i include the information related to the city/state taxes paid by an S-Corp?
My wife has an S-Corp and I'm trying to figure out how to address an issue. She received a k-1 and related documents from the accountant, but the amount of taxes paid in the K-1, which was issued in January 2024, are limited to 2023 federal taxes. The 2023 state and local takes were paid a few weeks ago - well after the K-1 was issued. We're itemizing and every additional expense helps.
The solution that seems obvious to me is to have the accountant refile the k-1 to include the recent payments. And I'm hopeful that's where we'll end up when we speak Monday morning. If not, an alternative would be to input the data somewhere else in turbotax.
I could update the k-1 information to include the additional taxes paid and leave a written note explaining what i did should we ever get audited.
Alternatively, i could included in in the "Estimates and Other Taxes Paid" block, under "Other Income Taxes".
I'm hoping others have had similar experiences and can recommend a path forward.
The solution that seems obvious to me is to have the accountant refile the k-1 to include the recent payments. And I'm hopeful that's where we'll end up when we speak Monday morning. If not, an alternative would be to input the data somewhere else in turbotax.
I could update the k-1 information to include the additional taxes paid and leave a written note explaining what i did should we ever get audited.
Alternatively, i could included in in the "Estimates and Other Taxes Paid" block, under "Other Income Taxes".
I'm hoping others have had similar experiences and can recommend a path forward.
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‎April 6, 2024
3:32 PM