How to enter Federal Withholdings in a S-Corp

Forum|Forum|1 year ago
March 7, 2025
3 replies
6 views

A S-Corp food service client had federal withholding pulled from their December credit card transactions. How do I enter this in Lacerte to pass through K-1's?

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qbteachmt

Level 15

Are they operating the card terminal agreement under the S Corp and the S Corp EIN? Or did someone enter personal info for this, or it transitioned from a prior entity?

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dkh

Level 15

I had this happen to a client because they did not comply with furnishing information (W9 ?) to card processor. They however were a Sole Prop. Verify FID on 1099-K is for the SCorp.

Can you input amount on page 1 line 24a and include copy of 1099-K as attachment?

T

TaxGuyBill

Level 15

This doesn't answer how to do it in Lacerte, but I think it goes directly on line 13g of Schedule K (code "O").

K

Karen_pdx

Level 5

If it was backup withholding under the S corporation's EIN, I think you want Screen 26.2 Sck K Credits, then on the left side choose the last section Other Credits - Sch K Lns 13C-13G. There's an input line for Other credits and when you click on it, you can select O for backup withholding in the K-1 Code drop down.

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