2002227
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.
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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
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