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Entering shareholder property distributions other than dividends (including cash) for Form 1120S in ProConnect

SOLVEDby Intuit3Updated July 12, 2022

This article will show you how to enter shareholder distributions other than dividends (including cash) in the S-Corporate module of Intuit ProConnect.

Follow these steps to enter a set dollar amount by shareholder:

  1. Go to the Input Return tab.
  2. From the left of the screen, select Shareholder Information and choose Distributions, Loan Repayments.
  3. Click the blue Details button in the row for the applicable shareholder in the Quick Entry grid.
  4. Enter the amount in Distributions (including cash) other than dividends.
  5. Repeat steps 2-4 for each shareholder.

Follow these steps to enter a lump sum distribution that will be allocated by each shareholder's percentage:

  1. Go to the Input Return tab.
  2. From the left of the screen, select Schedule K and choose Other Schedule K Items.
  3. Select Other Schedule K Items from the dropdown list.
  4. Scroll down to the Items Affecting Shareholder Basis section.
  5. Enter the amount in Distributions (cash and property).

ProConnect applies the shareholder stock ownership percentages entered or calculated on the Stock Ownership screen 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."

 

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.

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