Where do I enter the payroll tax credit for Scorp in form 1120S?
After much research I found its line 5 on the form 1120s but do i need to attach anything. can’t find information on turbotax.
You'll need to sign in or create an account to connect with an expert.
The payroll tax credits are claimed on your payroll tax return form 941.
They should be reported as a reduction of your payroll taxes, which are entered on line 12 of your form 1120-S.
Thanks for your reply. Wanted to clarify what reduction meant?
let’s say that payroll taxes and license in line 12 is amount X.
let's say the FFCRA ( corona) sick and family leave wages is amount Y
Should line 12 =X minus Y amount.
Also should any changes be done to line 5 for this.
Thanks in advance
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
glenpol
New Member
Cheshihime
New Member
valery2
New Member
leahsloan35
New Member
vanessaocampo294
New Member