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1120S Line 12 Taxes and Licenses

Forum|Forum|6 years ago
April 28, 2020
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Instructions say to include taxes "paid or incurred" in 2019. I'm an S-corp on cash basis. For line 12 do I include state/local taxes incurred for 2019 regardless of when paid (2019/20), or include all taxes actually paid in calendar year 2019, regardless of what year they were incurred (2018/19) ? Or is it both ? Thanks v much for any help.

TurboTax Business Windows

Best answer by Anonymous_

@skap wrote:

...whether to include 2018 taxes actually paid in 2019, eg, all taxes actually paid by the S-corp in 2019 regardless of what year they were for. If the answer is yes, I presume I should NOT include 2019 estimated payments made in March 2020 ?

Yes, you would include 2018 taxes actually paid in 2019 but not payments made in 2020.

A

Anonymous_

Employee

Just include taxes actually paid by the S corporation if it is a cash basis taxpayer.

S

skapAuthor

Thanks, yes I know only taxes paid by the S corp. But question is whether to include 2018 taxes actually paid in 2019, eg, all taxes actually paid by the S-corp in 2019 regardless of what year they were for. If the answer is yes, I presume I should NOT include 2019 estimated payments made in March 2020 ?

A

Anonymous_Answer

Employee

@skap wrote:

...whether to include 2018 taxes actually paid in 2019, eg, all taxes actually paid by the S-corp in 2019 regardless of what year they were for. If the answer is yes, I presume I should NOT include 2019 estimated payments made in March 2020 ?

Yes, you would include 2018 taxes actually paid in 2019 but not payments made in 2020.