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Turbotax WI S corp HUGE tax owed...

Forum|Forum|6 years ago
June 5, 2020
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First time doing my business taxes. Using Turbotax Business for my S corp. I do advertising and marketing on the side. Neither Fed nor State have been filed yet. (I applied for extensions a while ago.)

In 2019, I had $7,195 in income (before expenses, etc.). Fed return looked good.

The Turbotax WI state return says I owe $394,205 in just taxes! I can't get into the return and see where it's gone wrong. It got all its info from my Fed return, didn't it?

Suggestions?

TurboTax Business Windows

Best answer by Anonymous_

There is clearly an error (either in calculation or input) somewhere on that state return.

I would suggest that you enter Forms Mode and check the WI forms carefully.

Anonymous_Answer

Employee

There is clearly an error (either in calculation or input) somewhere on that state return.

I would suggest that you enter Forms Mode and check the WI forms carefully.

lordchang1Author

WOW.

THANKS! I had no idea there was a "Forms" Mode. I was able to get in there and revise the number.

YOU ROCK.

An S-Corp does not pay taxes. Everything is passed through to the shareholders on a K-1 (1120S). Are you filing an 1120S or a personal return?

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lordchang1Author

Last year (and the previous many) my CPA filed a 1120S, and that # passed through to my personal return.

If S corps don't pay taxes, then Turbotax Business has an issue with the WI state return. I got into the Forms and adjusted.

Thanks!

M.