1040 input for S-Corp Distributions Exceeding SH basis.

[JinxyCat86]

Does anyone know the Proseries input for the LTCG treatment when distributions exceed basis?

[poolcleaner · Accepted solution]

I have always entered in the Sch D worksheet with something like " Distribution in excess of basis XYX Corp" then entered it as long term with no dates and the amount of overage in the sale price.

[JinxyCat86]

Perfect - thanks!

[poolcleaner]

YW

[abctax55]

Same place you'd enter any capital gain (and it's generally a LTCG).  NOT reported on F.1099-B, non- covered.

A PS user will stop by to give you the specifics (I use Lacerte...)

[JinxyCat86]

Thank you, abctax55. This is helpful. I can take it from here!

[abctax55]

YVW....and I'm glad Jane stopped by with the PS specifics.