Hi
I have accountable reimbursement plan in my S corp. Under this plan I reimburse % of home office expenses to employee (I am employee and owner of scorp )
So I need to adjust Mortgage interest and Property taxes by amount that I reimbursed (300$ and 400$ accordantly)
Where should I do it correctly in TurboTax Home and Business desktop?
I did spend time to find the answer, currently what i found:
- property taxes on Schedule CA(540) line 5b:
- Open Tax and Int Wks under 1040 form
- line 2a enter explanation “Reimbursed property taxes - S Corp accountable plan” and enter negative amount from Accountable Plan (0400$)
- Mortgage Interest adjustments: Schedule CA(540) line 8a column C enter explanation “Reimbursed mortgage interest - S Corp accountable plan” and negative amount from Accountable Plan(-300$)
IS IT CORRECT?
thank you