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accountingPlus1
Level 2
December 7, 2019
Solved

Is federal income tax paid to the IRS, taxable for a corporation filing 1120? If not is it taxable for New York State? If not, where do i enter this on the form?

  • December 7, 2019
  • 2 replies
  • 51 views

Is federal income tax paid to the IRS, taxable for a corporation filing 1120? If not is it taxable for New York State? If not, where do i enter this on the form?

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Best answer by sjrcpa

It is not taxable. How would an expense be taxable?

It is not deductible- for federal or NY.

It gets entered as an M-1 adjustment - expense on books not on tax return.

2 replies

Terry53029Intuit Community Champion
Intuit Community Champion
December 7, 2019
are you asking if federal taxes are deductible ? see pub 535
sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

It is not taxable. How would an expense be taxable?

It is not deductible- for federal or NY.

It gets entered as an M-1 adjustment - expense on books not on tax return.

The more I know the more I don’t know.
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