topic Does final amount due in turbo tax calculation include W-2 payments for Sub S clients? in Get your taxes done using TurboTax

Does final amount due in turbo tax calculation include W-2 payments for Sub S clients?

SteveK1 — Mon, 16 Mar 2020 18:43:29 GMT

Does final amount due in turbo tax calculation include W-2 payments for Sub S clients?

Re: Does final amount due in turbo tax calculation include W-2 payments for Sub S clients?

DianeC958 — Mon, 16 Mar 2020 19:57:13 GMT

Yes, the amount that you paid for Federal withholding that is reported on your W-2 is accounted for in TurboTax by entering the W-2 information.

Re: Does final amount due in turbo tax calculation include W-2 payments for Sub S clients?

SteveK1 — Mon, 16 Mar 2020 23:19:01 GMT

I think I was not clear. Please understand that I have not yet actually sent any money to the IRS. So far, I have only calculated the withholding on the W-2. Your answer suggests that you assume that I have already sent in the W-2 withholding amount. Note that I am a Sub S filer who is already late (on the W-2, which is for myself; just e-filed it this PM!!). Considering all of that, it would seem that I ALSO owe them the amounts listed as withheld on my W-2 in addition to what turbo tax has calculated. Correct?

Re: Does final amount due in turbo tax calculation include W-2 payments for Sub S clients?

JamesG1 — Tue, 17 Mar 2020 00:09:06 GMT

If just this morning you calculated 2019 Federal withholding (and state withholding?) those amounts will need to be remitted.

Have you prepared 2019 Federal 941 and 940 taxes?

Re: Does final amount due in turbo tax calculation include W-2 payments for Sub S clients?

SteveK1 — Tue, 17 Mar 2020 00:13:15 GMT

Thank you so much for your help!!