Question

S Corp Business Tax Returns and Federal/State 941 Payments

Forum|Forum|5 years ago
February 22, 2021
1 reply
0 views

I am in the process of using my Turbotax Business 2020 Desktop version to complete my S Corp Federal and State (Illinois) Returns. I don't see where I should input 1) my Federal 941 payments and 2) my State 941 payments so that they are applied to the income tax the I owe for my Federal and State returns respectively.

Further background (if it makes a difference): I was not an employee of my corporation in 2020, but received payments for work into my business bank account and did NOT take a distribution in 2020 (no debits from my bank account). I plan to be an employee of my corporation in 2021.

Thank you,

Dan

TurboTax Business Windows

A

Anonymous_

Employee

Typically, that would be under Deductions>>Payroll taxes (in the Compensation and Benefits section).

Why did you not pay yourself a salary when, apparently, you paid other employees?

D

danw2Author

I didn't pay others a salary . I paid taxes only on the net income. Does this change your answer?

Thanks...

A

Anonymous_

Employee

I am just not following your sequence.

Form 941 is to report withholding of income tax, social security tax, and/or medicare tax. If you had no employees, you would have no reason to file this form.