russ1
Level 3

Client filed a 1065 in 2023.  There were two members of the LLC.  For 2024 there is now a single member LLC reported on Schedule C.  In 2024, the client paid the 2023 IL Replacement tax for the 1065.

Can I deduct this on schedule C for federal 1040 for 2024, and make an adjustment on Illinois 1040?

Thank you.

 

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