When working on an S Corporate return in Lacerte, you may come across the need to enter charitable contributions (cash or noncash) for your business client.
Entering charitable contributions
- Go to Screen 20, Income and Deductions.
- Scroll down to the Deductions section.
- Complete the applicable fields under the Charitable Contributions subsection (The 30% and 60% limitations are applied at the shareholder level.)
- Enter the applicable amount in 60% limitation (code 123).
- Enter the applicable amount in 30% limitation (code 124).
- Go to Screen 25, Noncash Contributions (8283).
- Complete the applicable information for the noncash contribution.
Charitable contributions will flow to the Form 1120S Schedule K, page 3, line 12a and to the shareholder's Schedule K-1, line 12, codes A-G.