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Level 1
March 11, 2021
Solved

Shareholder Distributions/Basis

  • March 11, 2021
  • 1 reply
  • 11 views

If a shareholder has distributions greater than it's basis, are the excessive distributions that will be attributed to capital gain be calculated automatically within ProSeries or is a manual entry required?

Will the calculations of the excess amount be done within the S-Corp returns or on the individual returns? 

Thank you. 

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Best answer by abctax55

Manually, on the F 1040.  

(Unless PS is smarter than Lacerte)

Plus there is always the possibility of outside basis that the S-Corp has no knowledge of.

1 reply

abctax55
abctax55Answer
Level 15
March 11, 2021

Manually, on the F 1040.  

(Unless PS is smarter than Lacerte)

Plus there is always the possibility of outside basis that the S-Corp has no knowledge of.

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