LLC client's bank withheld federal income taxes on interest incomes (although bank stop doing so now). How do I enter these federal taxes withheld in LLC tax program so that these withheld taxes can pass through to K-1s.
In 2024 Lacerte, on Screen 22.1 Other Sch K Items - look for the section called Credits, then the line for Other credits. Click in the box or press Ctrl+E and there is a dropdown choice for K-1 Code "O=Backup Withholding"
In 2024 Lacerte, on Screen 22.1 Other Sch K Items - look for the section called Credits, then the line for Other credits. Click in the box or press Ctrl+E and there is a dropdown choice for K-1 Code "O=Backup Withholding"
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