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January 30, 2023
Question

IL S Corporation

  • January 30, 2023
  • 1 reply
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I've been using Turbo Tax business for several years, and my IL S corporation tax return should calculate a 1.5% income tax on my S corp profits. For 2022, the system is calculating the tax at nearly 7%. Has anyone else had this issue? 

1 reply

January 30, 2023

could you have switched to a regular Il 1120? other possibilities, do you have out-of-state shareholders for which the corp is paying their share of state income taxes? look at the tax form lines 52 through 64