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I have a client who is a shareholder in an s corp. She loaned the S corp money and has received interest. This interest is included in interest expense on the P&L. The only place that I could find to enter the self-charged interest on the k-1 was on screen 36. This entry places this amount in **bleep**. What am I doing wrong? Which form is correct? I tried entering self-charged interest in box 10 of Schedule K, but when I put it there, it divides it between all shareholders and messes up the M-2. This company has not elected to avoid the rules for self-charged interest. Please help.
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Grr! It deleted most of my question. The part that was replaced **bleep**.
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How is anyone supposed to answer my question if it keeps bleeping out my question? Grrrrrrrrrrrr!
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type the word in, but put 'periods' between the letters to fool the censors on steroids.
(This place is AFU (see it that passes censorship..;-)
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**bleep** the 7203 on the 1120s. 1040's 7203 is including self-charged interest but 1120's 7203 is not.
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T.h.e 1120's 7203 does not match the 1140's 7203.
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I guess it doesn't like the word f.o.r.m. kind of d.u.m.b for a forum on taxes.
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@IntuitGabi and @IntuitBettyJo
Can you fix this stupid censor that is "bleeping" common words? It is making this forum useless.