S-Corp: I have a difference between Schedule M-1, Line 8 and Schedule K, Line18

Forum|Forum|5 years ago
April 28, 2021
1 reply
9 views

Hi all,

I am working on an S-Corp Tax Return and I run into an issue: I have a difference between Schedule M-1, Line 8 and Schedule K, Line18, how can we make an adjustment to clear the issue.

Thank you

Mo

ProSeries Professional

This topic has been closed for replies.

Best answer by dkh

Here are some suggestions.

1) Verify all income/expenses have been entered by reconciling the P&L with page 1, line 21. by adding/subtracting items that will be included on Schedule K For example Sec179 depreciation, interest income, 50% meals, contributions, etc

2) Are there shareholder distributions? If yes, were they entered on Schedule K

dkh

Level 15

What amount are you talking ? $1 or $100,000 makes a big difference

M

Mustapha RatibAuthor

Level 4

difference of $7545, my Computed net income per books is off (higher)

thx

Mo

dkhAnswer

Level 15

Here are some suggestions.

1) Verify all income/expenses have been entered by reconciling the P&L with page 1, line 21. by adding/subtracting items that will be included on Schedule K For example Sec179 depreciation, interest income, 50% meals, contributions, etc

2) Are there shareholder distributions? If yes, were they entered on Schedule K

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