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Generating Form 2553 - Election by a Small Business Corporation

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Generating Form 2553 - Election by a Small Business Corporation

Form 2553, Election by a Small Business Corporation, is used by a corporation or other eligible entity to be an S-corporation. For details on when and where to file Form 2553, see the IRS Form Instructions. In ProConnect Tax Online, you can use either the corporate or S-corporate module to generate this form. Click on the return type you'll be using below to view step-by-step instructions.
 

  1. Go to the Input Return tab.
  2. On the left-side menu, select Miscellaneous Forms.
  3. Click on S Corporation Election (2553)(Election Information).
  4. Check the box Print Form 2553 with complete return.
  5. Fill any other applicable fields on this screen.
  6. On the left-side menu, select S Corporation Election (2553).
  7. Enter the Part I - Shareholders' Consent Statement information:
    • Name of shareholder
    • Street address
    • City, state, ZIP code
    • SSN or EIN
    • Number of shares
    • Date acquired
  8. Click the plus sign (+) near the top of your screen to add more shareholders, and repeat step 7 for each.

Note: If any shareholder lives in a community property state, their spouse may also be required to consent on Form 2553. These spouses would be added as a normal shareholder here. See IRS Publication 555 for more information.

  1. Go to the Input Return tab.
  2. On the left-side menu, select Shareholder Information.
  3. Enter the shareholder's information:
    • Shareholder Name
    • ID Number
    • Street address
    • City
    • State
    • ZIP Code
  4. Click the plus sign (+) near the top of your screen to add more shareholders, and repeat step 3 for each.
  5. On the left-side menu, select Stock Ownership.
  6. Enter the Number of shares owned at year end for each shareholder.
  7. On the left-side menu, select Miscellaneous Forms.
  8. Click on S Corporation Election (2553)(Election Information).
  9. Enter a 2 in 1=print Form 2553 separately, 2=print Form 2553 with the return.
  10. Fill any other applicable information here.
  11. On the left-side menu, select S Corporation Election (2553).
  12. You will see a tab for each shareholder here:
    • Fields marked with an asterisk (*) do not need to be filled in. These will be pulled automatically from your Shareholder Information screen entries.
    • Number of shares and Date acquired must be entered here to flow to the form.
  13. To add any more shareholders for Form 2553 only, click on the Additional Shareholders (2553) screen.

Note: If any shareholder lives in a community property state, their spouse may also be required to consent on Form 2553. These spouses would be added on the Additional Shareholders (2553) screen. See IRS Publication 555 for more information.

 

Related Topics

Entering a change of ownership for an S-Corporation (Form 1120S)
Printing Last Four Digits of Officer's SSN on Form 1125-E
Entering Shareholders Percentage of Stock Ownership

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