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1040 input for S-Corp Distributions Exceeding SH basis.

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Level 1
last updated ‎December 07, 2019 9:08 AM

Does anyone know the Proseries input for the LTCG treatment when distributions exceed basis?

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Level 8
last updated ‎December 07, 2019 9:08 AM

I have always entered in the Sch D worksheet with something like " Distribution in excess of basis XYX Corp" then entered it as long term with no dates and the amount of overage in the sale price.

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Level 8
last updated ‎December 07, 2019 9:08 AM

I have always entered in the Sch D worksheet with something like " Distribution in excess of basis XYX Corp" then entered it as long term with no dates and the amount of overage in the sale price.

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Level 1
last updated ‎December 07, 2019 9:08 AM
Perfect - thanks!
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Level 8
last updated ‎December 07, 2019 9:08 AM
YW
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Level 15
last updated ‎December 07, 2019 9:08 AM

Same place you'd enter any capital gain (and it's generally a LTCG).  NOT reported on F.1099-B, non- covered.

A PS user will stop by to give you the specifics (I use Lacerte...)

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Level 1
last updated ‎December 07, 2019 9:08 AM
Thank you, abctax55. This is helpful. I can take it from here!
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Level 15
last updated ‎December 07, 2019 9:08 AM
YVW....and I'm glad Jane stopped by with the PS specifics.
Former Chump... umm.... AllStar.
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