Anglis
Level 3
02-17-2024
06:25 PM
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Hello everyone,
Happy Tax Season. Can anyone tell me how to show the federal tax that was paid on a 1099 Int statement that was issued to an S corporation. I know it will go on K1 but cannot seem to find line to put on.
Thank you
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dascpa
Level 12
02-17-2024
08:59 PM
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I never had this situation but I'm guessing it does not go on the K-1 as there would be no tracing of it to the stockholders. I think it should go on the S Corporation Information Worksheet, Part III, Additional Payments as this would be refunded back to the entity. Opinions?
itonewbie
Level 15
02-18-2024
07:36 AM
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Sounds like a backup withholding.
If so, that should go to Box 13 of the K-1 with Code O.
On the F.1040, this will flow through to Line 25c.
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