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1120s line Taxes and licenses

2024 will be my second tax return for my scorp

 

On March 2024 I paid income tax 389$ for 2023.

 

Do I need to include 389$ in 1120s line Taxes and license when i will fill 2024 tax return?

 

Thank you

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4 Replies

1120s line Taxes and licenses

was the tax in income tax imposed on the s-corp  (yes) or was this income taxes you paid personally on the s-corp income (no) or was this a pass-through entity tax (yes)?

1120s line Taxes and licenses

Hi.

It was annual tax for s corp 1.5% (minimum  800$ that waived at 1st year) for 2023 tax return ccalifornia 

I paid it on March 2024 while filling  100s.

 

Should I include it on my 2024 tax return ?

 

Thank you

JotikaT2
Employee Tax Expert

1120s line Taxes and licenses

I'm assuming your are referring to the $800 minimum franchise tax fee paid to the state of California for your 2023 income tax return that was due in March 2024?  

 

If that is correct, then yes, you will be able to deduct that on your federal S-corporate return for 2024.

 

@asalot 

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1120s line Taxes and licenses

Yes,  thank you so much

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