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hgtc
Level 5
February 14, 2025
Solved

how to report federal tax withheld in LLC tax return

  • February 14, 2025
  • 2 replies
  • 42 views

LLC client's bank withheld federal income taxes on interest incomes (although bank stop doing so now).  How do I enter these federal taxes withheld in LLC tax program so that these withheld taxes can pass through to K-1s.

Thanks.

This topic has been closed for replies.
Best answer by Karen_pdx

In 2024 Lacerte, on Screen 22.1 Other Sch K Items - look for the section called Credits, then the line for Other credits. Click in the box or press Ctrl+E and there is a dropdown choice for K-1 Code "O=Backup Withholding"

2 replies

Karen_pdxAnswer
Level 5
February 14, 2025

In 2024 Lacerte, on Screen 22.1 Other Sch K Items - look for the section called Credits, then the line for Other credits. Click in the box or press Ctrl+E and there is a dropdown choice for K-1 Code "O=Backup Withholding"

    hgtcAuthor
    Level 5
    February 14, 2025

    Thank you.

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