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

by Intuit Updated 11 months ago

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 allocated based on the Number of Shares Owned at Year End entered in Screen 6,Stock Ownership, and can be affected by changes to stock ownership entered in Screen 7,Change in Stock Ownership.  Changes to these screens will affect the amounts on the Schedule K-1.

If it is decided to directly override the amounts, go to Screen 33, Schedule K-1 Overrides. The shareholder will be listed on the left hand column, highlight the shareholder and enter the amount you would like to see.

Note: Entries here do not affect the Schedule K(1120S) and could cause the Schedule K-1's to not reconcile with the Schedule K.  In this case, the program will 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)

Lacerte Tax

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