Entering the ownership shares of a C-Corp on form 1120 schedule g in TurboTax Business.

[jallison49]

Currently, we have 2 owners of the corp with voting shares. I own about 37%, partner owns about 32%, and the company owns the rest. When going through TurboTax, I get to the section to enter Owner Info. I'm assuming this is the correct spot to enter the information. If so, I have 2 questions on it:

1. Do I enter the company ownership info since it owns part of the shares?

2. What do I select for "Type of Entity" when adding individual owner info? My only options are corp, partnership, trust, or tax-exempt org. There is no option for individual.

Thank you!

[RichardG · Accepted solution]

• The question relates to Part I of that schedule.  Only other entities that are shareholders are reported in Part 1, not natural persons.  https://www.irs.gov/pub/irs-pdf/f1120sg.pdf
• Shares of the company that have never been issued or were bought back from a shareholder by the company are known as "Treasury shares."  Those shares have no voting rights or pay dividends, so they don't get reported on Schedule G or anywhere else on the tax return.

[jallison49]

So there is no where or need to enter percentage of stocks owned by the owners of the corp like you do for an LLC? Thank you for the help.

[RichardG]

TurboTax collected that information from you in the About your Business Interview.  You probably need to revisit that interview and recalculate your ownership percentages--the two of you own 100% of the outstanding stock.

[jallison49]

I was able to enter in the info. I had the incorrect box checked which tells TurboTax that there are only individuals that own shares in the company. Thank you for the help.