ProConnect HelpIntuit HelpIntuit

Entities Owned by Corporation are not flowing to Form 1120 in Lacerte

SOLVEDby IntuitLacerte TaxUpdated September 22, 2022

This article explains why entries in Screen 7, Entities Owned by Corporation, aren't flowing to Form 1120, page 4, Schedule K, Line 5b.

There are two possible reasons:

  1. No amount was entered in the field Percentage owned (xxx.xx) (for a partnership, enter the greater of the profit, loss, or capital percentage).
  2. The amount entered in the field was incorrectly formatted.
    • Do not enter the percentage as a decimal figure (for example .25).
    • Enter it as a whole number (for example 25 = 25%).

Was this helpful?

You must sign in to vote, reply, or post
Lacerte Tax

Sign in for the best experience

Ask questions, get answers, and join our large community of Intuit Accountants users.

More like this