Override Shareholder Amounts on Form 1120S, Schedule K in Lacerte

How to change or override the amounts for each shareholder on the Schedule K-1 for an S-Corporation?

The amounts on the Schedule K-1 are divided based on the number of shares owned at the end of the year, which you enter on Screen 6, Stock Ownership. These amounts can change if you make adjustments to stock ownership on Screen 7, Change in Stock Ownership.

If you need to manually change the amounts, go to Screen 33, Schedule K-1 Overrides. You'll see a list of shareholders on the left. Select the shareholder and enter the new amount.

Important: Changes made here won't affect the Schedule K (1120S) and might cause the Schedule K-1 totals to not match the Schedule K. This will cause the program to generate the following critical diagnostic:

There are discrepancies between the federal Schedule K and Schedule K-1 for certain line items.  The totals of all Schedules K-1 for these line items does not match the corresponding amount on the Schedule K.  Please refer to the Schedule K/K-1 Reconciliation Worksheet for detailed information on the potential error(s) and adjust the amounts entered for Schedule K-1 overrides on Screen 33 as necessary. (ref. #377)