qbteachmt
Level 15

Line 13g code P specifically states: "Other credits (code P). Attach a statement to Form 1120-S that identifies the type and amount of any other credits not reported elsewhere."

From the 1120S instructions:

"If the corporation claims a credit for any wages paid or incurred, it may need to reduce the amounts on lines 7 and 8. See Reducing certain expenses for which credits are allowable, earlier. Also reduce the amounts reported on lines 7 and 8 by the nonrefundable and refundable portions of the new CARES Act employee retention credit claimed on the corporation's employment tax return(s)."

 

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