Also this is sole ownership. how can i make this correction. I haven't filed my tax for 2022 yet
I'm assuming you are trying to enter your stock ownership in TurboTax Business for your Form 1120S. You can change your stock shares by entering the correct amount on your Schedule K-1 in Forms mode.
To do this in TurboTax Business you can follow these steps:
doesn't work. the share counts are 1 and 100 and neither can be edited. Former years K-1 show 1 and 1 share. 2022 for some reason has 1 and 100 and can't figure out how to fix.
You will need to edit this at the source. Go back to the business information section and go back through every step. It will let you change the amount of shares at the same question where you entered them incorrectly.
So, I am having this issue on our 2023 corporate return; In previewing the K-1's before distribution I noticed the corporate shares to be 100 at the beginning of the year and 0 at the end; where did this information come from? I went through the entire interview, and was never given the opportunity to enter corporate shares at all; I could not find the source. I decided to go through each and every form one by one, and on the K-1 worksheet, I found place that states 0 shares at the end of the year, but the 0 cannot be changed. Where, exactly, is the source of the beginning and ending shares of a 2 person S corporation in TurboTax 2023 business edition?
The number of shares held by an S-Corp shareholder is entered directly into the Schedule K-1 Worksheet (Sch K-1 Wks) using Forms Mode. This form has an internal navigation bar on the right side that allows you to move from one shareholder to the other.
Number of shares (beginning and ending) appears on the right column under Ownership %. The summary of total shares appears on the bottom of the worksheet.
For any form in the return, right click on a number and choose "Data Source" to track down how the number flowed to that form. You many need to work through several forms to arrive at the actual entry point.