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1120S Shareholder Basis Schedule Line 33 Loan Repayments to Shareholder During Tax Year

SOLVEDby IntuitLacerte Tax20Updated July 27, 2021

1120S Shareholder Basis Schedule Line 33, Loan Repayments to Shareholder During Tax Year are not appearing on the Shareholder Basis Computation. There are three related entries required for Loan Repayments to the Shareholder.

Loan amounts repaid to the Shareholder: Screen 8, Distributions, Loan Repayments.

  1. Go to Screen 8, Distributions, Loan Repayments
  2. Select the appropriate Shareholder
  3. Enter loan repayments to the Shareholder for Debts that were outstanding at the Beginning of the Tax Year in Shareholder Loan Repayments.
  4. The program calculates the basis of the loan repayment by: multiplying Shareholder Loan Repayments by the ratio of the Total Adjusted Basis of the Debt to the Principal Amount of the Debt at the Beginning of the Year.
  5. Total adjusted basis includes any restoration of Debt basis calculated under Regulation Section 1.1367-2(c).
  6. The program subtracts the basis of any repayment from the Debt Basis at Beginning of Tax Year in Screen 9, Shareholder's Basis when calculating the Ending Debt Basis on line 34 of the Shareholder Basis Schedule.
  7. Enter an amount to override the calculated basis of the loan repayments. If the override amount is zero, enter -1.

Basis Computation:  Screen 9, Shareholder's Basis Computation 

  1. Go to Screen 9, Shareholder's Basis Computation
  2. Select the appropriate Shareholder from the list on the left.
  3. Enter the correct amount in Principal amount of debt owed to shareholder at beginning of tax year.

Loans owed:  Screen 29, Balance Sheet 

  1. Go to Screen 29, Balance Sheet.
  2. Verify that amounts are entered in Liabilities and Equity section under Loans from shareholders (Ctrl+E).

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