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Entering Penalties Paid by Corp or S-corp, Such as Payroll or Late Filing

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Intuit

Entering Penalties Paid by Corp or S-corp, Such as Payroll or Late Filing

Where do I enter penalties paid by Corporation or S-Corporation, such as payroll penalties or late filing penalties?
S-Corporate:

  1. Go to Screen 31.1, Schedule M-1.
  2. Locate the section Expenses Recorded on Books Not Included on Schedule K (+).
  3. Within the sub section Nondeductible Expenses, enter the amount within the Penalties field (input sheet code 106).

Enter any penalties or fines incurred by the S corporation during the year. Penalties include payroll tax penalties, late filing penalties, and any other nondeductible penalty or fine. The program prints a supporting statement and carries the amount to the following forms:

  • Schedule K, line 16
  • Schedule K-1, box 16
  • Schedule M-1, line 3
  • Schedule M-2, line 5, column (a) (AAA)

Corporate:

  1. Go to Screen 39.1, Schedule M-1 (Book-Tax Adj.).
  2. Within the subsection Expenses Recorded on Books not Included on this Return,  enter the mount within the Penalties field (input sheet code 117).

Enter any penalties or fines incurred by the corporation during the year. Penalties include payroll tax penalties, late filing penalties, and any other nondeductible penalty or fine. The program includes this amount on Schedule M-1, line 5d and prints a supporting statement.

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