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Common questions about New York shareholder's modifications in ProConnect Tax

by ProConnect Tax Online Updated 7 months ago

Below, you'll find answers to frequently asked questions referring to a Shareholder's share of New York modifications:

Where do you enter a shareholder's NY state modifications on an S-Corporate Schedule K-1 for an Individual return?

  1. From the Input Return tab, go to Income Passthrough K-1's S-Corp Info (1120S K-1).
  2. Make sure you are in the correct K-1 by clicking the tab with the name of the applicable S-Corp along the top of this screen.
  3. Click to the State & Local tab on the top of this screen.
  4. Scroll down to the New York Shareholder's Share of Credits and Adjustments section.
  5. Make any applicable entries in this section.
  6. Under the Other New York Additions and Other New York Subtractions sections, use the Number drop down input to select a valid code and description.
  7. Enter an amount in TOTAL AMOUNT (MANDATORY) and in NYS ALLOCATED AMOUNT.
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