North Carolina Taxed PTE (for S-Corp) for 2023 Does not work!

Forum|Forum|2 years ago
February 28, 2024
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In 2022 NC Tax Return - I was able to follow the instructions above. To make sure the Taxed PTE (for S-Corp) are not taxed again on my personal return.

This DOES NOT work for this year.

Even though I stated on my NC Return that the Schedule K1 from the S-Corp is a Taxed PTE

And North Carolina Taxes were paid in full on the Business Return.

TurboTax Premier (NC) - TAXED ME AGAIN - on the same Proceeds from Taxed PTE - S-Corp on the Personal level

PLEASE HELP!

CatinaT1

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Trace99Author

Yes, I found that the Schedule 'NC K1 CD401S' That TurboTax generates when you file a North Carolina Business return (CD401S) for a Taxed PTE (S-Corp) Is missing information on line #3. (All Shareholders - Deduction from Income). TurboTax shows it as 0, instead it should have shown the amount the S-Corp was already taxed on.

Once I manually entered the correct information on line #3. Then line #38 on my Personal return showed that amount and it was deducted from the Total AGI.

Otherwise you get taxed TWICE by North Carolina for S-Corp income. Once on the Business return and once on the Personal return.

I assume other people will experience the same issue because of this TurboTax Error.