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Entering officers salary for an 1120-S return in Lacerte
by Intuit• Updated 4 months ago
Table of contents:
To enter officers salary for each officer:
- Go to Screen 2, Officer Information.
- Enter the Officer Compensation for each officer.
To enter a total compensation for all officers:
- Go to Screen 15, Ordinary Deductions.
- Enter the amount in the Compensation of officers [O] override field.
How do I trigger the optional Officer Compensation statement that prints as a green link next to Form 1120S, line 7?
There are two ways to trigger the optional statement:
- Click on Settings on the menu bar.
- Choose Options to open the User Options window.
- Click on the Tax Return tab.
- Scroll to the section titled Federal Tax Options.
- Click the down arrow for “State Pptional Officer Comp Stmt” and select Yes.
- Click OK to exit
Or:
- Open the client file.
- At the Table of Contents, click on Screen 2, Officer Compensation.
- In the left-hand navigation column, click on the blue Miscellaneous link at the top left.
- Enter a 1 in “1=print officer and director schedules, 2=suppress [O].”
The first method will affect all S-Corporation client files. The second method will affect only the client file in which the entry is made.
TY13 and later: Because Form 1125-E was added for TY13, the decision was made to remove the optional statement from line 7 and to include it on Form 1125-E instead.
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