topic Turbo Tax Business 2019 & State Tax Payment in State tax filing

Turbo Tax Business 2019 & State Tax Payment

Seymourdh — Mon, 30 Mar 2020 21:45:16 GMT

Finalizing my LLC return in Turbo Tax Business 2019. LLC with two members/partners. When I get to the the section, File a Return, when it gets to the state (CT) return it is saying that there is money due.

I was under the impression the LLC didn't have to pay any taxes and there would be forms 'printed' out from this return for the partners personal return and off the personal return the taxes would be due.

I appreciate any assistance provided.

Thank you!

Re: Turbo Tax Business 2019 & State Tax Payment

Anonymous_ — Mon, 30 Mar 2020 22:01:23 GMT

I am not certain whether anyone who is familiar with the CT entity system of taxation, but you can review the instructions at the link below in the interim.

https://portal.ct.gov/-/media/DRS/Forms/2019/Pass-Through/CT-1065-CT-1120SI-Booklet_1219.pdf?la=en

Re: Turbo Tax Business 2019 & State Tax Payment

DavidD66 — Mon, 30 Mar 2020 22:16:10 GMT

In 2018, Connecticut established a new tax on pass-through entities (PE) doing business in Connecticut that is effective for 2018. Pass-through entities doing business in Connecticut are now subject to a 6.99% entity-level tax on all Connecticut-sourced income. Partners and shareholders in these entities are, however, entitled to a tax credit on their individual or corporate Connecticut tax returns for the taxes paid by the entity. There were also some changes to the tax made in 2019, effective for 2019.