This article will help you generate Form 2553, Election by a Small Business Corporation in Intuit ProConnect.
Before you start:
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, you can use either the corporate or S-corporate module to generate this form. Select the return type you'll be using below to view step-by-step instructions.
Corporate (1120)
- Go to the Input Return tab.
- On the left-side menu, select Miscellaneous Forms.
- Select on S Corporation Election (2553)(Election Information).
- Check the box Print Form 2553 with complete return.
- Fill any other applicable fields on this screen.
- On the left-side menu, select S Corporation Election (2553).
- 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
- Select 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.
S-Corporate (1120S)
- Go to the Input Return tab.
- On the left-side menu, select Shareholder Information.
- Enter the shareholder's information:
- Shareholder Name
- ID Number
- Street address
- City
- State
- ZIP Code
- Select the plus sign (+) near the top of your screen to add more shareholders, and repeat step 3 for each.
- On the left-side menu, select Stock Ownership.
- Enter the Number of shares owned at year end for each shareholder.
- On the left-side menu, select Miscellaneous Forms.
- Select on S Corporation Election (2553)(Election Information).
- Enter a 2 in 1=print Form 2553 separately; 2=print Form 2553 with the return.
- Fill any other applicable information here.
- On the left-side menu, select S Corporation Election (2553).
- You'll see a tab for each shareholder here:
- Fields marked with an asterisk (*) don't 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.
- To add any more shareholders for Form 2553 only, select 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.
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