Wages should be reported on both Lines 7 and 8 of the Form 1120S, just as they are on the W-3.What line of 1120s should I report The ERTC on? This results in a TAX credit on K-1 that can be utilized against taxes owed in 2020. Now it seems The most recent guidance issued by the Internal Revenue Service (IRS) instructs taxpayers to submit the employee retention credit on Form 1120-S, line 13g (Other Credits), using code P. Choice about reporting under section 951A. The shareholder’s total number of shares is recorded in the new item G, and the shareholder’s loans are recorded in the new item H. On the K-1 schedule, new items G and H have been added. On the Form 1120-S, under the heading ″Other Credits,″ code P should be entered to reflect the credit for employee retention.
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