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A
ak45_2
Level 2
November 26, 2020
Question

How do I enter Gain on excess distribution in S-corp module ? The Basis worksheet show Distribution in excess of stock basis but the amount does not go to line 17 AC

  • November 26, 2020
  • 1 reply
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1 reply

T
TaxGuyBill
Level 15
November 26, 2020

It is not the job of an S-corporation to keep track of shareholder's Basis; that is the job of the shareholder.  Therefore the K-1 does not show "excess distributions". 

The K-1 shows distributions.  If the distributions are in excess of Basis, that is calculated by the shareholder and entered on the shareholder's 1040.

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