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Entering officers salary for an 1120-S return in ProConnect Tax

SOLVEDby Intuit5Updated 1 year ago

Table of contents:

To enter officers salary for each officer
To enter a total compensation for all officers
Issues with 1065 Fuel Tax Credit on Form 4136
How do I trigger the optional Officer Compensation statement for Form 1120S, line 7?

To enter officers salary for each officer:

  1. From the General section, select Officer Information.
  2. Enter the Officer Compensation for each officer.

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To enter a total compensation for all officers:

  1. From the Ordinary Income section, select Deductions.
  2. Enter the amount in the Compensation of officers [Override] field.

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Issues with 1065 Fuel Tax Credit on Form 4136

Per the 4136 form instructions:

"Partnerships (other than electing large partnerships) cannot file this form. Instead, they must include a statement on Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., showing the allocation to each partner specifying the number of gallons of each fuel used during the tax year, the applicable credit per gallon, the nontaxable use or sale, and any additional information required to be submitted."

Therefore, ProConnect Tax does not support form 4136 in the Partnership module. Instead, the credit will show on the Schedule K-1 line 20 code C and the Fuel Credit Page 1-Page 5 should generate.

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How do I trigger the optional Officer Compensation statement for Form 1120S, line 7?

There are two ways to trigger the optional statement:

  1. From the General section, select Officer Information.
  2. Click the blue  Miscellaneous link from the top right corner.
  3. Enter a in “1=print officer and director schedules, 2=suppress [Override].”

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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