To enter a set dollar amount by shareholder:
- Go to Screen 8, Distributions, Loan Repayments
- Select the Shareholder from the left navigation panel
- Enter the amount in, Distributions (including cash) other than Dividends (code 101)
- Repeat steps 2 and 3 for each shareholder
To enter a lump sum distribution that will be allocated by each shareholder's percentage:
- Go to Screen 27, Other Schedule K Items
- Scroll down to the Items Affecting Shareholder Basis section
- Enter the amount in, Distributions (cash and property) (code 120)
Lacerte applies the shareholder stock ownership percentages entered or calculated on Screen 6, Stock Ownership to calculate the amount distributed to each shareholder and includes the amount on each shareholder's Schedule K-1, line 16 Items affecting shareholder basis, code D, Property distributions.
Note: Use only one input screen for the distribution; using both input screens may result in duplicate amounts on the Schedule K and Schedule K-1.