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1120 form-Federal tax payment for previous year deficiency.?
Hi,
I have a deficiency for my federal taxes for a prior year, where should I record this amount if it is being paid this year?
Thanks for your help!
2 Answers
- 9 years agoFavourite answer
1120 - federal tax expense which is nondeductable on the federal return. Interest on it - interest expense, penalties - nondeductable for all forms.
1120S - members draw
- Anonymous4 years ago
a million. you should record the return. do no longer ward off this. 2. examine your submitting status. you would be based. If everyone can declare you based, then you certainly are not getting your very own exemption. 3. frequently this must be self employment earnings, that's undertaking to SE taxes at 15.3%. (yet could be ninasgramma has splendid data approximately medical study participation earnings. if so, whether you do no longer ought to pay SE taxes and you have no longer have been given any federal tax or state tax due, you should record the return to demonstrate your place.) 4. you will pay federal tax in the experience that your earnings is better than $5,350 (for single based) or $8,750 (single nondependent). 5. Then there could be State tax based upon your state.