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Hi Sir/Madam,

I have an llc taxed as an SCORP. I want to elect for PTE tax payment of 9.3% . After I add the election in my Californnia 100S, Can you please tell me how to make federal 1040 adjustment decrease . Where on 1040, can you ennter the PTE tax paymennt and get deduction. Do you also have to add in California Personal .. Could you please give me the linne items where I can enter in 1040 Federal and Personal California tax return..

Or can I adjust federal deduction in the 1120s itself, if so which line item on 1120s, can I deduct the PTE Tax


Thank you so much for the all the help ..

Hi Sir/Madam,

I have an LLC taxed as an SCORP started in 2022. When I filed for 2553 , the form said "An entity without stock, such as a limited liability
company (LLC), should enter the percentage of ownership and date(s) acquired" - so I put 100% since I am the sole owner

it's my first year filling 1120 S, what do I enter for Capital Stock ?

For K1 item H ..what do I enter for no of shares ? can I just put 100% since it is an LLC and no shares


Thanks so much. Appreciate all the help from Bogleheads forums.

Pooja

Hi Sir/Mam,
My first year filing 1120s. For home office deductions, I have an accountable reimbursement plan set up for every month and prorated the footage space, and documented all expenses. in line 19, the form says attachment. Is there a separate IRS attachment worksheet to be completed? Do I need to attach a copy of my reimbursement plan and how the footage and expenses are calculated? Please advise.

ok thanks so much for clarifying.

I am sorry, the answer for that is 'Yes' since it was less then $250,000

I entered No, for that since the earnings were less than 30,000 being first year

Hi Sir/Madam,

I have an LLC taxed as an SCORP started in 2022. When I filed for 2553 , the form said "An entity without stock, such as a limited liability
company (LLC), should enter the percentage of ownership and date(s) acquired" - so I put 100% since I am the sole owner

it's my first year filling 1120 S, what do I enter for Capital Stock ? Should I issue shares? Is it allowed for LLC taxed as S CORP?

Thanks so much. Appreciate all the help from Bogleheads forums.

Pooja

Thanks for the reply.

Mine is an LLC taxed as an SCORP, and I am the 100% owner, declared on Form 2553 as 100% shareholder. Should I issue shares ? what is the Capital Stock entry on 1120 S that I need to put ?

Appreciate the help on this board ..


Thanks so much

Hi Sir/Madam,

2022, is my initial year S CORP. I made some income, and paid myself a salary, but did not take any distribution. I will be taking it the first week of February this year. So what do I enter for 1120 S in terms of distribution? My P&L and balance sheet and bank balance reflect the same amounts. Do I need to enter 0 for K1, or can leave out that part? Please advise. Thanks

Thanks so much for the detailed response and steps ..Appreciate this !!

[Moved into a new thread from: Can I make my medical insurance premiums tax deductible? --admin LadyGeek]

Lost my job, went on cobra for health care. Started my llc taxes as scorp. Can my scorp pay my premiums for cobra and how do I do it. I am drawing monthly salary from my scorp . It’s just me solo owner and no employees. Can I also take the 1040 line 29 Sehi deduction ?

Please help answer ,