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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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ohio business income deduction
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spmacintosh
Level 1
09-06-2020
07:29 AM
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Where do you input the wages related to an S Corporation to obtain the Ohio Business Income $250,000 deduction?
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Bobby200
Level 3
09-06-2020
08:18 AM
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Under State & Local, section #50-"Income". Add the S Corp on the left side under Business Activity choose S Corp from the drop down list and the Activity Number-or name-that relates to it. Under the "Income" section, 2nd line "Guaranteed payments or compensation for 20% or more shareholder" enter the S Corp wages for the taxpayer. It will carry it over to the Ohio IT-BUS schedule. Good luck!
