Question

Tax Year Prior to 2020: Duplicated deduction on form 1120 c-corp

Forum|Forum|6 years ago
January 22, 2020
1 reply
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On the 2018 tax return the officer compensation was entered twice (both in salaries/wages and officer's compensation lines) in the deduction section which caused NOL (form 1120). I have enough NOL from 2017 to carryover which won't trigger tax liabilities in anyway. In this case should I file an amended return for 2018 to reflect correct wages paid or I can adjust NOL when filing 2019?

W

WillK

Employee

You will need to file an amended 2018 return to correct the error on the return. TurboTax will be able to assist you in the preparation of a 1120X return. You should login to your account and will see an option to prepare the amended return. Follow the prompts and answer all the questions. TurboTax will walk you through what needs to go where and what you need to print to mail in. Do not forget to amend the state return as well if needed.

A few reminders:

1. You should wait until the IRS is done processing the original return before you send in the amended return.

2. Amended returns must be printed and mailed in.

3. Amended returns will take 12 weeks (sometimes longer to process).

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