North Carolina estimated taxes and S corp

Forum|Forum|2 years ago
October 14, 2023
1 reply
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Where and how in turbo tax does it handle the situation of both individual and S corp making estimated taxes in 2022? I paid 3 quarters of estimated taxes and my S corp paid the whole year. I expect to get a refund of the estimated tax I paid, but don't get that with the info I have entered.

Thanks for any advice.

NCPERSON1

@jturner119 on the NC return, what is on Line 21a? that should be the estimated taxes paid. Does it match your records? do you recognize this number?

if it doesn't match your records, then did you enter all the estimated payments into Turbo Tax?

jturner119Author

Yes on line 21a the amount matches the estimated tax I individually paid in 2020 and matches the 3 quarters I paid the estimated tax. Since my S corp company also paid the year of estimated taxes for all shareholders, including me, I think I should get a refund from NC. I assume amount this is Part A line 8 from my NC K-1( state tax deducted by an S Corp) which I did enter into turbo tax.

Thanks for your help

NCPERSON1

@jturner119 please reconfirm the line number and which K-1 (look in the upper left corner for the full form number). I do not see the withholdings on Line 8.