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Form 1120S Sch K-1 Line 17 Code V asterisk (*) and STMT

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IRS instructions indicate that if an S Corporation has more than one trade or business to enter an asterisk (*) on each shareholder's Schedule K-1 next to Code V and enter STMT in the right column. I cannot figure out how to enter this in the Lacerte program. The IRS instructions specifically state not to enter the sum of the amounts from multiple businesses. I cannot get Lacerte to do anything other than that. Thank you
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Employee
Employee

Hi Lavanna,

Currently, we don't have the functionality in the product for this scenario.  However, we are thinking of adding it in the future.

As a workaround you can consider adding a "dummy" incoming K-1 (screen 23) in order to split out the QBI elements on the outgoing Schedule K-1 statement.  If you do this, remember to reduce the QBI elements in the override fields at the bottom of the Other Schedule K Items screen (22).

Thank you,

Mike D'Avolio

Intuit

 

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Employee
Employee

Hi Lavanna,

Currently, we don't have the functionality in the product for this scenario.  However, we are thinking of adding it in the future.

As a workaround you can consider adding a "dummy" incoming K-1 (screen 23) in order to split out the QBI elements on the outgoing Schedule K-1 statement.  If you do this, remember to reduce the QBI elements in the override fields at the bottom of the Other Schedule K Items screen (22).

Thank you,

Mike D'Avolio

Intuit

 

View solution in original post

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