Shareholder Basis Schedule Help (S-Corp Module)

Forum|Forum|4 years ago
September 13, 2021
2 replies
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I have read the intuit info on shareholder basis (

https://proconnect.intuit.com/community/form-1120-s/help/shareholder-basis-input-and-calculation-in-the-s-corporation/00/3569

) more times than I can count but need help with the specifics of how to fill out the Shareholder Basis Computation section on screen 9 (image attached).

In my example I have a single owner who has the following: $16,564 of business income and a loan from the shareholder of $29,617.

How do I fill out the shareholder basis schedule with this example?

Thank you for your help!

Lacerte Tax

This topic has been closed for replies.

George4Tacks

Level 15

Look at the loans from shareholder at the end of year. Notice the [O]? That mean Override. Generally not where you want to make an entry. DELETE THAT ENTRY.

Instead look down the line from your Shareholders Basis Computation and find Loans made to S corp during tax year by shareholder. Notice it does NOT have the [O]. Generally all of your entries for your question should go here. The program is pretty robust and will do most of the work for you. Override is for those very few instances of something unusual that the program just won't do what it is supposed to do.

Answers are easy. Questions are hard!

Help me PleaseAuthor

Level 3

Should the ordinary business income of $16,564 be input in the Shareholder Basis screen?

What else is missing for the shareholder basis to be correct?

W-2 income?

Thank you in advance

PhoebeRoberts

Intuit Community Champion

Is this a homework question? Lacerte does the basis calculation pretty much automatically.

George4Tacks

Level 15

PLEASE - start taking as many CE as you can get on S-Corp. Here is a free one to start https://www.cpaacademy.org/webinars/a0D2S00000rBa4OUAS

Keep an eye out for how to prepare S-Corp with Lacerte https://proconnect.intuit.com/training/software-webinars/

It is always tempting to take on types of returns you are not familiar with, but you really have not truly become an exceptional tax preparer until you can turn down returns that you are not comfortable with.

Best of Luck

Answers are easy. Questions are hard!