I am a minority shareholder of a North Carolina LLC, taxed as an S Corp.
The LLC pays the state income taxes for the owners based on the net income of the LLC for the year.
My understanding is that because the LLC is paying my taxes on the income at the corporate level, any amount on the NC K-1 CD-401S Line 10 should be a reduction of my taxable income. I do not see any reduction happening in Turbotax related to this income.
Is there a box that I need to check to make TT realize this is not taxable on my personal return?