Distribution in excess of basis

[john-jbacpa]

does lacerte automatically calculate and report excess distribution income on form 8949 and Schedule D? or Should I manually input?

[itonewbie]

What happened when you tried?

[IRonMaN]

Obi Wan - you are starting to sound like me😉

[john-jbacpa]

unless I manually entered on disposition screen 17.1, form 8949 and Schedule D do not show up.  I have S corporation shareholder who withdraws more than his basis, so Form 7203 line 5 (stock basis) is less than line 6 (Distribution), but Schedule D and Form 8949 do not pick up the amount in excess of the basis as a capital gain.  

[abctax55]

No. But it does give a diagnostic

[itonewbie]

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@IRonMaN wrote:

Obi Wan - you are starting to sound like me😉

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I may be a Jedi but I'm just a Padawan of yours, Master @IRonMaN. 😉