Entering Taxes and Licenses for a Corporate Return (Form 1120) in Lacerte

Where do I enter corporate taxes and licenses?

How do I generate Form 1120, line 17?

Solution Description

To enter Taxes and Licenses deduction for Form 1120, Line 17:

1. Go to Screen 20, Deductions.
2. Scroll down and locate the Licenses and permits field.
3. Enter the appropriate amount to appear on Line 17 of Form 1120.
4. Scroll down to the Taxes subsection.
5. Enter the appropriate amounts in the following fields:
   • State tax (automatic if using state tax accrual option 1)

     *Note- Enter State tax (automatic if using state tax accrual option 1) only if the Accrue state tax option 1 box under the Accrued Taxes section on Screen 4.1, Miscellaneous Information, is NOT checked. An entry here will double the amount on Form 1120, line 17.

   • Payroll taxes
   • Real estate taxes
   • Personal property taxes
   • Other (Ctrl+E)
   • Other taxes non-deductible under state law (Ctrl+E)
   • Other taxes based on income and profits (Ctrl+E)

The amounts will flow to Line 17 of the Form 1120.