topic Where to enter Accountable Plan expenses? in Business & farm

Where to enter Accountable Plan expenses?

Coolguy — Thu, 04 Mar 2021 12:20:21 GMT

I have a single member LLC taxed as an S-Corp. I have an accountable plan to reimburse office expenses. Where do I enter this expense within the TurboTax Business program?

Re: Where to enter Accountable Plan expenses?

DianeW777 — Thu, 04 Mar 2021 13:54:55 GMT

The expenses that are reimbursed to members, in this case yourself, will be deducted using the expense category for which the expense was reimbursed. An example would be office supplies purchased and then reimbursed by the company when an expense report is turned in.

Write up an accountable plan action plan for the LLC for reimbursement and then follow that plan.
- Create an expense report and detail when they must be turned in to receive reimbursement
Make sure you keep track of the expense reports turned into the company (yourself under the LLC books and records).
- Provide a reason for the expense
- Provide a receipt for the expense

Re: Where to enter Accountable Plan expenses?

RRS4 — Mon, 14 Feb 2022 23:13:06 GMT

Thanks. So where would home office deductions in an accountable plan go in the Turbo Tax list of expenses? Rent? All other expenses?

Re: Where to enter Accountable Plan expenses?

ThomasM125 — Tue, 15 Feb 2022 00:08:52 GMT

You should set up a new miscellaneous expense and you can call it Home office Expense.

Re: Where to enter Accountable Plan expenses?

Nosidam — Thu, 21 Apr 2022 20:06:49 GMT

I thought Accountable Plan Expenses were reported on line 19 of the 1120S.