S corp shareholder basis calculation

[Bigtimeuser]

I use Turbo Tax premier. Turbo Tax instructions say-  Attach basis calculations (Schedule E pg 2 line 28 (e). I have done the basis calculations but there is no way to attach when I e-file.

Please- please- please- please can TurboTax make improvements to your software to let e-filers attach basis calculations.

[CMFlorida]

This question in the community explains how to attach the basis form. https://ttlc.intuit.com/community/business-taxes/discussion/i-need-to-add-a-statement-attachment-to-...

[AmeliesUncle]

---

@CMFlorida wrote:

This question in the community explains how to attach the basis form. https://ttlc.intuit.com/community/business-taxes/discussion/i-need-to-add-a-statement-attachment-to-...

---

No, that is just a way to create a form to put the information.  The last time I checked, that is NOT sent with the e-file.

[DavidS127]

That particular election form is filed to choose the specific ordering of items included in the basis calculation, not a "stock basis computation".

Note also that the post date of June 6, 2019 is actually the date this post was migrated to the new Community system.  It is related to a prior year post, e.g., box 17 code V for 2019 is for Section 199A (QBI) information.

[CMFlorida]

I apologize, I worded that poorly. That link shows how to create the form but there is no way to e-file it, you have to paper file and attach the form, which is silly. TT needs to come up with a way to e-file it, now that the form is required.

[turtle11220]

I need to attach basis computation on F1040 because I had a distribution from S.Corp. I have shareholder's basis statement available from 1120 S. Do you think I can send this form as for the basis computation?

Please advise me. BTW, I am 100% shareholder. 

[Anonymous_]

There does not appear to be anything prohibiting sending that statement in as the basis statement since it contains the computation.

[turtle11220]

Wow, Thanks a lot! I am glad I can send that in. 

You are always the best! 

[kinglemax]

I'm in the same boat with this as well.  Turbo Tax (and even their 'tax experts') are quite vague about this.  I have a shareholder basis worksheet that needs to be filed.  I generated a capital gain for distributions in excess of basis. Turbo Tax (premier) asks NOTHING about this information.  I included the gain manually on Schedule D. And I will hope for  the IRS to ask for the Basis Worksheet if they require it.  It seems like it would be a simple matter for TT to collect the information from the basis worksheet.

[Gurk3]

I think kinglemax has things turned around a bit.  The source document for inputing S-1 information is not the basis statement, but instead the Federal K-1 issued to the stockholder by the S Corp in question.  The entry place is Business Investment & Estate/Trust Income to select K-1 data entry, and that will lead you through the insertion process of information to be entered from the info on the K-1.  If you have to report K-1 data on your personal return, you then have to include a Basis Statement attachment to your personal return, both stock and debt basis.  Turbo Tax Personal regrettably does not provide for such a report through its program even though most of the information is inputted when the K-1 data was inserted;  the work around is to select "Blank Form" from the Forms menu and describe and input all the reported additions and subtractions, starting with the beginning of year basis so as to compute the end of year basis which should then agree to the basis statement issued to you calculated by the tax software used to prepare the corporate tax return and K-1 that you received.

[AmeliesUncle]

---

@Gurk3 wrote:

the work around is to select "Blank Form" from the Forms menu 

---

That last I heard, "Blank Form" is just that - a blank form that is NOT submitted with the e-file.  So you would be just as good as using any word processor program because you still need to MAIL it with your tax return.

In other words, TurboTax can not properly e-file a tax return for most people who have S-corporation.

[kinglemax]

This is my understanding too. Paper Mail.  Blank forms are kind of like internal documents for YOUR USE and are not filed with the return.  TurboTax only renders 'official' forms to the IRS...  

[Anonymous_]

---

@AmeliesUncle wrote:
That last I heard, "Blank Form" is just that - a blank form that is NOT submitted with the e-file. 

---

I am not sure anyone can definitely state whether or not that is the case.

The blank form does, in fact, appear in the list of forms to be filed (when e-file is selected) but it is anyone's guess as to whether the form is actually transmitted with the return - I strongly suspect it is not as well.

Regardless, if I were filing using TurboTax and had a blank form filled out in my tax file, I would absolutely be disinclined to e-file the return. 

[kristinatb]

How do I enable the basis schedule via "Forms?" I am using TT Business 2020 and I do not see the basis schedule under the Forms view. 

Thanks!!

[Anonymous_]

---

@kristinatb wrote:

How do I enable the basis schedule via "Forms?" I am using TT Business 2020 and I do not see the basis schedule under the Forms view. 

---

Check the "Yes" box on the worksheet in Forms Mode (see screenshot).