In TurboTax Business, shareholder's names are entered all in one line (not separated into first/middle/last text fields). Thus TurboTax interprets on it's own what is first/middle/last name which is an issue if it does it incorrectly.
For example,
First Name: Jane
Last Name: Doe Dee
We enter shareholder name as "Jane Doe Dee" in TurboTax Business at the beginning on a single line when it asks, then review the schedules where the name is displayed. On the Schedule K-1 for 1120S Federal Income Tax Return for an S Corporation, the name is placed on the form all together just as it is entered (ex: "Jane Doe Dee") so it "looks" fine.
On the California S Corporation Franchise/Income Tax Return (100S), the shareholder name on the Schedule K-1 is split, with "Jane Doe" being on the left, and "Dee" being far out on the right.
What it currently says (incorrect):
"Jane Doe Dee"
It should be:
"Jane Doe Dee"
Question 1: Does it even matter? If this page is only relevant to pass on to the shareholder/CPA to do personal taxes, then maybe this doesn't matter. But if the State uses/compares the last name to a SSN, then it would be an issue.
Question 2: If it "does" matter, how can I make TurboTax identify the 2 last names as last names? It works when I put a hyphen between the two last names, but I don't want to introduce hyphens if it isn't a part of the legal name.
You'll need to sign in or create an account to connect with an expert.
Did you try switching to the FORMS mode and make a direct form entry ?
Did you try switching to the FORMS mode and make a direct form entry ?
THANK YOU. Switching to the FORMS mode totally worked.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
joycesyi
Level 2
Tax_Lego
New Member
anon30
Level 3
mootzie
Level 2
Kleyop
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.