Intuit HelpIntuit
Generating a Personal Service Corporation Schedule H in Lacerte
by Intuit•1• Updated 3 months ago
How to mark an 1120 as a personal service corporation:
- Go to Screen 4.1, Miscellaneous Information.
- Locate the Miscellaneous section.
- Check one of the following boxes:
- Qualified personal service corporation - Check this box if this is a qualified personal service corporation. If you check this box, Lacerte checks the applicable box at the top of Form 1120 and applies the 35% flat tax rate to the corporation. The program completes Form 8810 if the corporation is involved in any passive activities.
- Nonqualified personal service corporation - Check this box if this corporation is a personal service corporation that does not meet the tests for a qualified personal service corporation. If you check this box, Lacerte checks the applicable box at the top of Form 1120 but does not apply the 35% flat tax rate for the corporation. The program completes Form 8810 if the corporation is involved in any passive activities.
How to generate Schedule H
- Go to Screen 27, Schedule H - Sec 280H Limitations (PSCs)
- Complete any applicable information.
Sign in now for personalized help
Ask questions, get answers, and join our large community of Intuit Accountants users.
More like this
- Common questions about benefit plan financial information (Sch. H/Sch. I) in Lacerteby Intuit•3•Updated July 08, 2024
- Generating Form 5471, Information Return of U.S. Persons in Lacerteby Intuit•39•Updated August 07, 2024
- Common questions about corporate Form 5471, Information Return of U.S. Personsby Intuit•Updated 2 years ago
- Generating corporate Form 8810 in ProConnect Taxby Intuit•Updated over 1 year ago