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Override Shareholder Amounts on Form 1120S, Schedule K in ProConnect Tax

SOLVEDby IntuitUpdated June 30, 2023

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:

  • From the Input Return tab, go to Shareholder Information Stock Ownership.

The amount can also be affected by changes to stock ownership entered in the Change in Stock Ownership screen:

  • From the Input Return tab, go to Shareholder Information Change in Stock Ownership.

Changes to these screens will affect the amounts on the Schedule K-1.

If you would like to override the amounts on the K-1's directly, this is the navigation to get to the Schedule K-1 overrides input screen:

  • From the Input Return tab, go to Schedule K-1  Schedule K-1 Overrides.

The shareholders will each have their own tab along the top of this input screen. Make sure that you are always in the tab for the correct shareholder, and that you correct the amounts for all shareholders.

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)

 

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