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How to generate Form 2553 in Lacerte

SOLVEDby IntuitLacerte Tax89Updated July 19, 2022

This article will help you generate Form 2553, Election by a Small Business Corporation in Lacerte.

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 Lacerte, 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.

  1. Open Screen 59, S Corporation Election (2553).
  2. In the Shareholder list, click Election Information.
  3. Check the box, Print Form 2553 with complete return.
  4. Make entries in the remainder of this section to complete boxes D through I of Form 2553.
  5. In the Shareholder list, select or add the Shareholder.
  6. Make entries in Name of Shareholder, Street Address, City, State, ZIP code, and SSN or EIN.
  7. Enter the Number of Shares or percentage of ownership for each shareholder.
  8. Enter the date each shareholder acquired the shares in Date Acquired.
  9. Enter the month and year of each shareholder's tax year ending date in S/H Tax Year End (m/d) if it is not 12/31.
  1. Open Screen 53, S Corporation Election (2553).
  2. In the Shareholder list, click Election Information.
  3. Select the 1 or 2 in "1 = Print Form 2553 Separately, 2 = Print Form 2553 with Return". The program uses entries on the Client Information screen to complete the name, address, and boxes A through C of Form 2553.
  4. Make entries in the remainder of this section to complete boxes D through I of Form 2553.
  5. In the Shareholder list, select Shareholder.
    • Lacerte uses information from Screen 5, Shareholder information to complete Form 2553, Part 1, Shareholders' Consent Statement, lines J through N for each Shareholder.  Use the fields in Screen 53 to override the information from Screen 5.
  6. Enter the Number of Shares or percentage of ownership for each shareholder.
    Note: this information doesn't flow from Screen 6, Stock Ownership.
  7. Enter the date each shareholder acquired the shares in Date Acquired.
  8. Enter the month and year of each shareholder's tax year ending date in S/H Tax Year End (m/d) if it is not 12/31.

Troubleshooting tips:

  • If Screen 53 is inaccessible (grayed out), ensure shareholders are entered in Screen 5, Shareholder Information.
  • If shareholders are already entered in Screen 5, select on the Clients tab and then back on the Detail tab. The Screen 53 should become available.
  • If the percentages are needed in column L to print rather than number of shares, enter a check the box in Screen 53 (code 43) " Treat all entries in 'number of shares or percentage of ownership' as percentages."

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