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Generating a Personal Service Corporation Schedule H in Lacerte

by Intuit Updated 6 months ago

How to mark an 1120 as a personal service corporation:

  1. Go to Screen 4.1, Miscellaneous Information.
  2. Locate the Miscellaneous section.
  3. 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

  1. Go to Screen 27, Schedule H - Sec 280H Limitations (PSCs)
  2. Complete any applicable information.
Lacerte Tax

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