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mtgbkr
Level 1
May 10, 2024
New

State tax workaround for S corp. return

Related products:ProSeries
  • May 10, 2024
  • 4 replies
  • 9 views

I have a NYS & NYC S Corp.  I understand there is a work around where I can deduct state taxes in excess of $10,000 with this work around.

 

How do I do I  this?

4 replies

IRonMaN
IRonMaN
Level 15
May 10, 2024

Have you done any research on pass through entity tax?

Slava Ukraini!
    sjrcpa
    sjrcpa
    Level 15
    May 10, 2024

    Apparently not.

    You are too late for NY for 2023 and 2024.

    And, I didn't think NYC recognizes S Corps.

    The more I know the more I don’t know.
      T
      Terry53029Intuit Community Champion
      Intuit Community Champion
      May 11, 2024

      The SALT workaround is for the S-Corp to deduct state and local taxes on the S-Corps 1120

        Skylane
        SkylaneIntuit Community Champion
        Intuit Community Champion
        May 12, 2024

        @sjrcpa is correct NYC does not recognize s corp….

        If at first you don’t succeed…..find a workaround
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