Dumb question

[JG EA]

S Corp can do an 8913. Shareholders can then take the $30-$60 credit on the personal right?

[dsi]

The credit is given to the s-corp as a refund. It stays at the s-corp level.

[Black Bart]

Well, I dunno.

S Corp can do an 8913. Shareholders can then take the $30-$60 credit on the personal right?

It's on there on line 23D of the "tax and payments" section of 1120S, but if you're just an ordinary l'il S-corp, you're usually not going to have anything down in that section, are you? Doesn't it usually stop at line 21 and then that gets split up to the stockholders?

Still, the way it reads, if the corporation itself didn't owe any money, then taking the credit down to line 27 it sounds like they'd mail you (the corporation) a $30-40-whatever check back.

Antidisclaimer, are you? Yuk-yuk. I prefer a modified version of this latest trend.

Disclaimer: This advice can be used for anything. Print out multiple copies for bathroom tissue if necessary. You can sue, but I won't show. If you get judgment, I won't pay. If my assets are sold to satisfy that judgment, be forewarned that they're all in my billfold which contains $5, my driver's license, and a Blockbuster video card. Good luck.

[veritas]

The will send a check.

By the way the $30-$60 credit available to individuals is not available for corporations.

I filed mine and got $7 back.

[BOB W]

Telephone Credit.....

..... my softtware only allows one or the other, not both. I've been taking it on the personal return as I have enough to do without looking at the businesses phone bills.

[veritas]

You take a credit

for the corporate excise tax on the personal return?

[JG EA]

Thanks DSI, V,

Antidisclaimer, are you? Yuk-yuk. I prefer a modified version of this latest trend.

Disclaimer: This advice can be used for anything. Print out multiple copies for bathroom tissue if necessary. You can sue, but I won't show. If you get judgment, I won't pay. If my assets are sold to satisfy that judgment, be forewarned that they're all in my billfold which contains $5, my driver's license, and a Blockbuster video card. Good luck.

I'm still a little confused and into opposite thinking right now. But, I'll work it through.

I suppose Veritas that you got the $7 from your S Corp?

I'm with you BB. I don't like all this disclaimerazation. And it is my understanding that anything said that is really wrong (to a taxpayer that is) a pro-disclaimer-maker is held responsible anyway.