TurboTax Schedule K1 for North Carolina for Taxed PTE still INCORRECT!

[Trace99]

TurboTax Generates a Schedule K1 for my S-Corp in NC which is a Taxed PTE.

Aka I already pay Taxes to NC on the Business Level for my S-Corp.

But Line #2 & #38 should have data to show that I already paid Taxes on the Corporate Level.

But instead TurboTax - shows 0.

Which means when I file my Personal NC Return - I am Taxed AGAIN on my S-Corp Profits on the Personal level.

The only fix I found is to OVERRIDE the 0 that TurboTax produces on the Schedule K1

Please FIX THIS!

[PatriciaV]

Please clarify if you reported the PTE payment on the federal Form 1120S Line 12 (state franchise/income taxes).

Further, is there an amount on Form NC K-1 Line 2?

[Trace99]

The Problem with Schedule K1 for North Carolina (NC K-1) for Taxed PTE.

I reported that my S-Corp is a Taxed PTE.

Lets say the S-Corp earned $500,000 for 2024.

One Line #1 (NC-K1) - it says $500,000

One Line #2 (NC-K1) - It says $22,500 (The amount of taxes the S-Corp already paid in taxes to NC  in 2024 (4.5% of $500,000).

The Problem is that Line #3 - Deductions from Income - Shows 0 on NC K1 (By TurboTax Business).

Also Line #38 - The amount of Income that was already taxed - Should show $500,000 - But in TurboTax Business NC K1 - shows 0.

The Result is: My S-Corp already paid NC Taxes $22,500 on the Business Level.

And when I do my Personal Taxes (TurboTax Premier) Because Line #38 is 0. I am taxed ANOTHER $22,500 on the same $500,000 S-Corp income but this time on the Personal Level.

Please Fix.

[kd-]

It is unacceptable that this is still a problem after being reported in 2022:  https://ttlc.intuit.com/community/state-taxes/discussion/issue-with-north-carolina-taxed-pass-throug...

I believe the easiest workaround is to go into Forms mode, then go to D-400 Sch S Wks, then go to line 38a manually and copy over the amount already entered from D-403. Based on the amount due I think this works, and it's less incorrect than putting it directly in the "Other Business Deductions from Income" section directly.