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SteveK1
Returning Member

Does final amount due in turbo tax calculation include W-2 payments for Sub S clients?

Does final amount due in turbo tax calculation include W-2 payments for Sub S clients?

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4 Replies
DianeC958
Expert Alumni

Does final amount due in turbo tax calculation include W-2 payments for Sub S clients?

Yes, the amount that you paid for Federal withholding that is reported on your W-2 is accounted for in TurboTax by entering the W-2 information.

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SteveK1
Returning Member

Does final amount due in turbo tax calculation include W-2 payments for Sub S clients?

I think I was not clear.  Please understand that I have not yet actually sent any money to the IRS.  So far, I have only calculated the withholding on the W-2.   Your answer suggests that you assume that I have already sent in the W-2 withholding amount.  Note that I am a Sub S filer who is already late (on the W-2, which is for myself; just e-filed it this PM!!).  Considering all of that, it would seem that I ALSO owe them the amounts listed as withheld on my W-2 in addition to what turbo tax has calculated.  Correct?

JamesG1
Expert Alumni

Does final amount due in turbo tax calculation include W-2 payments for Sub S clients?

If just this morning you calculated 2019 Federal withholding (and state withholding?) those amounts will need to be remitted.

 

Have you prepared 2019 Federal 941 and 940 taxes?

 

 

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SteveK1
Returning Member

Does final amount due in turbo tax calculation include W-2 payments for Sub S clients?

Thank you so much for your help!!

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