WITAXLADY Posted February 22, 2022 Report Share Posted February 22, 2022 went to a tax class that said the IRS wants the retention credit wages to offset wages, soc sec, medicare etc to offset that as well. First negative numbers do not work on ATX at all. second - how can you show negative soc sec third - another article states it is like a grant so it is other income But if IRS is looking for it as adjusted wages - K-1 will not match wages under officer comp and W-2? and wages will not match W-3 nor 940, 941's?? anyone have a better or correct way? Thank you Darlene Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted February 22, 2022 Report Share Posted February 22, 2022 2 hours ago, WITAXLADY said: First negative numbers do not work on ATX at all. It is entered as a reduction of wages. For example on Schedule C, open the input sheet for Line 26 wages, enter ERC on 2(g) and it make the reduction. 2 hours ago, WITAXLADY said: second - how can you show negative soc sec not sure what you are referring to. 2 hours ago, WITAXLADY said: third - another article states it is like a grant so it is other income no, it is treated as non taxable income 1 Quote Link to comment Share on other sites More sharing options...
WITAXLADY Posted February 23, 2022 Author Report Share Posted February 23, 2022 so you are saying it is all on wages and do not bother with what was paid back against the soc sec and medicare? The 70% - as in gross - I found it on a a Sch F! Quote Link to comment Share on other sites More sharing options...
WITAXLADY Posted February 23, 2022 Author Report Share Posted February 23, 2022 so does the soc sec and medicare get adjusted as well? Am I overthinking this? Ret credit is just a credit on wages and not on the ss /med owed on it? as the W-2's still have to match? Quote Link to comment Share on other sites More sharing options...
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