Shareholder Basis Schedule Help (S-Corp Module)

[Help me Please]

I have read the intuit info on shareholder basis (

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

) 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!

[George4Tacks]

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. 

[Help me Please]

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? 

[PhoebeRoberts]

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

[qbteachmt]

"W-2 income?"

Did they take home their takehome pay, or leave it in the business for banking purposes? You show wages, which would not be added to basis. But, a shareholder not taking home the takehome pay is the same as loan from shareholder or additional paid in capital (money in business bank).

[George4Tacks]

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

[Help me Please]

Can you point me to any tutorials on Shareholder basis entries?  Basic CE credits never seem to cover this topic.

My question about how to fill the shareholder basis screen was never fully answered.

Is this what the Shareholder Basis Computation entries should look like or is something missing?

[Help me Please]

[PhoebeRoberts]

The Form 1120S K-1 instructions (https://www.irs.gov/pub/irs-pdf/i1120ssk.pdf) have a very good explanation of the basis rules, and a worksheet you can prepare manually and compare to the Lacerte output.