For my S-Corp, Why Is There an Amount Due on my 1120S

[4irelands]

In my 1120S for 2023, I:

1. Paid myself $98k salary (thru a payroll service)
2. Took $47k in Distributions to myself, 100% shareholder
3. Have $1k in profits in addition to my $47k Distributions

4.  $68k in Retained Earnings (down from $70k in 2022)

5. Ordinary Income of $48k ($1k profit + $47k Distributions)
TurboTax is saying that I owe $5k on the 1120S  Why is this not carried forward to my personal taxes via K-1?

[Anonymous_]

What is the source? Are there figures on Lines 23 through 25 on your 1120-S?

[4irelands]

Thanks for answering!  No, nothing on lines 23-25.  The only source is gross receipts from sales.

[Anonymous_]

You're showing an amount owed on Line 26?

[4irelands]

No, I made a mistake.  The amount due is for the New York City General Corp Tax Return. But doesn't the same situation apply?  I would be paying it with my Corp return and then again when I do my personal taxes since the Distributions will carry over on the K-1?

[4irelands]

But doesn't the same situation apply?  I would be paying it with my Corp return and then again when I do my personal taxes since the Distributions will carry over on the K-1?

[Anonymous_]

I apologize in advance, but I have zero information with respect to NYC taxes on S corporations.

I did find the following via a search.

https://www.nyc.gov/site/finance/business/business-corporation-tax.page

[mittromney]

There is a figure on Line 24a.

[mittromney]

Someone help me, please.

[PatriciaV]

Form 1120S Line 24a shows estimated tax payments and any overpayment from last year credited to the current year. Is this creating a tax liability for the S-Corp?

@mittromney