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?
What is the source? Are there figures on Lines 23 through 25 on your 1120-S?
Thanks for answering! No, nothing on lines 23-25. The only source is gross receipts from sales.
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?
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?
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
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?