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Limitations apply. #2015 turbotax for s corp professional#Īudit Support Guarantee: If you receive an audit letter based on your 2021 TurboTax return, we will provide one-on-one question-and-answer support with a tax professional as requested through our Audit Support Center for audited returns filed with TurboTax for the current tax year (2021) and the past two tax years (2020, 2019).100% Accurate Expert-Approved Guarantee: If you pay an IRS or state penalty (or interest) because of an error that a TurboTax tax expert or CPA made while providing topic-specific tax advice, a section review, or acting as a signed preparer for your return, we'll pay you the penalty and interest. We will not represent you before the IRS or state agency or provide legal advice. If we are not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or state purchase price paid. (TurboTax Free Edition customers are entitled to payment of $30.) Excludes TurboTax Business. Satisfaction Guaranteed: You may use TurboTax Online without charge up to the point you decide to print or electronically file your tax return.Printing or electronically filing your return reflects your satisfaction with TurboTax Online, at which time you will be required to pay or register for the product. #2015 turbotax for s corp professional#.Isn't the goal, possibly $31, 524 (wages plus health insurance) based on the payroll you ran? Without SEHI (not certain of its FWT treatment) Box 1 ought to be somewhere between $7625-$11,524. The 43524 added to 21000 less 3899 = $60,625 It appears you are including the 21k as income and then income again at some point. Gross wages of 27625 plus fringe benefit health insurance of 3899 gets us to $31,524. The difference in any boxes, 1.3.5 to me appears to be $12,000.00 Somewhere did you post $1,000 per month as wages instead of draw? I know there technically is no draw in a S corp but there are non-wage distributions to be accounted for. If you do not want it to come from wages then you would have no difference between boxes 1 and 3. Here is what I see if the traditional 401k were funded from W2 wages. Doesn't it have to come from wages - reducing Box 1 in comparison to Box 3/5 by that amount? Profit sharing is not earned income. I thought the goal was to reduce taxes with the traditional retirement contribution. Which means - I am no expert on dealing with a subchapter S, only payroll for non-owners of LLC and sole-prop (40+ years) so do wait for additional help on this. Now, number 1, you should never accept free advice on the internet as gospel unless you can corroborate it with IRS publications. Quite possibly that $21k, when grossed up and FICA, and FWT health insurance paid and other fringes that need to be included (personal use of the SUV with the realtor name on the side) might suffice as far as reaching your magic 433k and then all other funds are just distributions on the K-1 The regular retirement account, to gain its tax benefit, must be from wages and would show on the W2 but what (I do not know at moment) are restrictions on percent of gross that can be directed to a traditional retirement account? I would work from that. I would treat the Roth as being funded from the distributions. Cons: TurboTax is expensive and has a habit of upselling its customers on products and. Pros: The product itself provides an unmatched user experience, a quality app, and the ability to seamlessly handle complex tax situations. Since to begin with you are dealing with a Roth on the regular contributions I would not even count those as wages since there is no current tax benefit - Roth is funded with after tax money. Basics: TurboTax is the 'household name' of do-it-yourself tax preparation software, and for good reason. There is no requirement I know of that mandates hat there are dividend distributions aside from W2 wages, although that is the single most outed reason for being S corp, I suppose. "Reasonable compensation" for a realtor? I know realtors taking down 6 figures in commissions but aside from that, I would, myself, attempt to keep dividend distributions at an amount no greater than the W2 wages once the test of "reasonable" is met.
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