How to I enter Fidelity form 1099-Div for S-corp in Form 1120S?

Forum|Forum|4 years ago
August 9, 2021
1 reply
9 views

S-corp client received 1099-Div from Fidelity. How do I report these dividends in S-corp's tax return so it will be shown in shareholder's K-1?

Thanks.

Lacerte Tax

This topic has been closed for replies.

Best answer by abctax55

WHY would you want to enter it twice?

The return would be out of balance if you did.

Portfolio income isn't 'ordinary' income & is reported/passed out to the shareholder(s) separately.

abctax55

Level 15

Screen 20

And bonus info....Lacerte has this snifty feature:
Go to where you expect the info/amount to appear. Right click on that field, then click on "jump to input". That will *usually* take you to where you to input the info (or give you the various options when there are multiple places).

HumanKind... Be Both

H

hgtcAuthor

Level 5

Thanks, see this Sch K-1 input section. But, if I also record this dividend incomes in Screen 13 (ordinary incomes), it will also be included in K-1's box 1.

So, do I need to adjust ordinary incomes in Screen 20, too?

abctax55Answer

Level 15

WHY would you want to enter it twice?

The return would be out of balance if you did.

Portfolio income isn't 'ordinary' income & is reported/passed out to the shareholder(s) separately.

HumanKind... Be Both

Sign up

Login with SSO

Let's get you signed in

Login with SSO