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Business & farm
@Sondra7 I have the exact same question as yours and no one has answered it correctly yet. Did you figure it out? This is driving me crazy. I added the CA Small Business COVID-19 Relief Grant on Line 5 “Other income” line on the 1120S and then deduct it on the 100S Line 12 “Other deductions” line. It increased my ordinary business income (box 1), which is fine for federal taxes, and reduced my S-corp franchise taxes, but how do I show the adjustment on my K1 to reduce my personal CA state taxes?
February 10, 2022
3:59 PM