Where to enter tax penalty on S Corp taxes?

[brent311]

I have turbo tax business and working on my S Corp taxes. This year, I discovered we had not filed form 5500EZ for the company's 401K for the previous 3 years. I had to submit the delinquent 5500EZ forms plus a $1500.00 penalty for late filing.  I initially planned to list the $1500.00 penalty in the section under taxes, but I was told that penalties are not tax deductible so I did not want to include them there. Do I list the penalty payment as distributions to the owner (my self) so I pay tax on it on my personal taxes? I am not sure where to list it. Can someone help me?

Thanks!

Brent 

[Anonymous_ · Accepted solution]

Note that the following link is to instructions for Intuit's pro tax software, but they will work for TurboTax Business after you enter Forms Mode and open page 3-5 of your 1120-S (scroll down to Schedule M-1).

https://proconnect.intuit.com/support/en-us/help-article/tax-penalties/entering-penalties-paid-corpo...

[brent311]

Thank you! 

-Brent