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Returning Member
posted Mar 16, 2020 11:43:29 AM

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
Expert Alumni
Mar 16, 2020 12:57:13 PM

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.

Returning Member
Mar 16, 2020 4:19:01 PM

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?

Expert Alumni
Mar 16, 2020 5:09:06 PM

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?

 

 

Returning Member
Mar 16, 2020 5:13:15 PM

Thank you so much for your help!!