topic Covid/Corona payroll tax credit for S corp in Get your taxes done using TurboTax

Covid/Corona payroll tax credit for S corp

labrador2011 — Sun, 28 Feb 2021 06:37:26 GMT

Where do I enter the payroll tax credit for Scorp in form 1120S?

After much research I found its line 5 on the form 1120s but do i need to attach anything. can’t find information on turbotax.

Re: Covid/Corona payroll tax credit for S corp

ThomasM125 — Mon, 01 Mar 2021 21:09:24 GMT

The payroll tax credits are claimed on your payroll tax return form 941.

They should be reported as a reduction of your payroll taxes, which are entered on line 12 of your form 1120-S.

Re: Covid/Corona payroll tax credit for S corp

labrador2011 — Thu, 11 Mar 2021 06:45:59 GMT

Thanks for your reply. Wanted to clarify what reduction meant?
let’s say that payroll taxes and license in line 12 is amount X.
let's say the FFCRA ( corona) sick and family leave wages is amount Y

Should line 12 =X minus Y amount.
Also should any changes be done to line 5 for this.

Thanks in advance