federal tax paid on 1099Int

Forum|Forum|2 years ago
February 18, 2024
2 replies
15 views

Hello everyone,

Happy Tax Season. Can anyone tell me how to show the federal tax that was paid on a 1099 Int statement that was issued to an S corporation. I know it will go on K1 but cannot seem to find line to put on.

Thank you

This topic has been closed for replies.

Best answer by itonewbie

Sounds like a backup withholding.

If so, that should go to Box 13 of the K-1 with Code O.

On the F.1040, this will flow through to Line 25c.

dascpa

Level 11

I never had this situation but I'm guessing it does not go on the K-1 as there would be no tracing of it to the stockholders. I think it should go on the S Corporation Information Worksheet, Part III, Additional Payments as this would be refunded back to the entity. Opinions?