First time doing my business taxes. Using Turbotax Business for my S corp. I do advertising and marketing on the side. Neither Fed nor State have been filed yet. (I applied for extensions a while ago.)
In 2019, I had $7,195 in income (before expenses, etc.). Fed return looked good.
The Turbotax WI state return says I owe $394,205 in just taxes! I can't get into the return and see where it's gone wrong. It got all its info from my Fed return, didn't it?
Suggestions?
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There is clearly an error (either in calculation or input) somewhere on that state return.
I would suggest that you enter Forms Mode and check the WI forms carefully.
There is clearly an error (either in calculation or input) somewhere on that state return.
I would suggest that you enter Forms Mode and check the WI forms carefully.
An S-Corp does not pay taxes. Everything is passed through to the shareholders on a K-1 (1120S). Are you filing an 1120S or a personal return?
WOW.
THANKS! I had no idea there was a "Forms" Mode. I was able to get in there and revise the number.
YOU ROCK.
Last year (and the previous many) my CPA filed a 1120S, and that # passed through to my personal return.
If S corps don't pay taxes, then Turbotax Business has an issue with the WI state return. I got into the Forms and adjusted.
Thanks!
M.
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