Solved: Does turbotax support ESGs and their tax benefits?
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Does turbotax support ESGs and their tax benefits?

ESGs can offer tax benefits.  Does turbotax support the forms and interview for them?
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Employee Tax Expert

Does turbotax support ESGs and their tax benefits?

When you invest in a Environment, Social and Governance (ESG) company, you may benefit on your taxes from such things as low income housing credits, historical rehabilitation credits, charitable deductions for easements, and other credits and deductions.

 

If the company is an LLC or "S" corporation, your share of the credits or deductions would be reported to you on a schedule K-1, from which you can enter them on your personal tax return in TurboTax. 

 

If the company is a traditional "C" corporation, the deductions and credits would be entered on the corporate tax return so there would be nothing you would need to enter on your personal tax return.

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Employee Tax Expert

Does turbotax support ESGs and their tax benefits?

When you invest in a Environment, Social and Governance (ESG) company, you may benefit on your taxes from such things as low income housing credits, historical rehabilitation credits, charitable deductions for easements, and other credits and deductions.

 

If the company is an LLC or "S" corporation, your share of the credits or deductions would be reported to you on a schedule K-1, from which you can enter them on your personal tax return in TurboTax. 

 

If the company is a traditional "C" corporation, the deductions and credits would be entered on the corporate tax return so there would be nothing you would need to enter on your personal tax return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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