Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
How do I record/enter the estimated tax payment schedule for the year in QuickBooks Desktop?
We received a letter from the accountant which has the estimated amount due that We will need to pay but I don't know how to record that payment in Quickbooks.
Thank you for your help!
Thank you for posting again here in the Community, @lilavalv. We know how to record S-Corp Tax payments in QuickBooks Desktop (QBDT) and we're here to help you perform on your end.
If you track S-corp throughout the year, or your shareholders have the same plan as your employees, and they won't be paid the rest of this year. To start, set up the company contribution payroll item. Here's how:
After that, add the item to the employee's profile. Follow the steps below:
However, if your shareholders have a different plan from your employees, and they won't be paid the rest of this year, you can read this article for detailed steps: Set up an S-corp medical payroll item for your corporate officers.
Feel free to read this article to manage your tax payments:
We're glad to have you here. If questions come to your mind, don't hesitate to reply to this thread or post again. We'll be willing to lend a hand. Keep safe.
Your S-corp does not pay the estimated taxes, you pay them personally. If you need to take a distribution from your S-corp in order to pay them, make a distribution to the shareholders. S-corp distributions need to be made in proportion to your ownership percentages and you need adequate basis to take the distributions. To take a distribution, write a check and assign 'Distributions - 2023' to the check. Set up a Distributions - 2023 equity account if you need one.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
For more information visit our Security Center or to report suspicious websites you can contact us here