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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.
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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).
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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?
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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.
