Hello, I am having difficulty in entering, in the right places, the information needed to record, in Form 1120-S, the dissolution of my S-Corp. I am also recording the distribution of remaining equity to the sole Shareholder.
Among the pages I have worked with are:
* the TurboTax Business Schedule K-1 Worksheet,
* Schedule K-1, and
* the Weighted Average Ownership Percentage Worksheet.
It looks like I need to:
1. Record the Distribution of Assets (within Basis); I think that should be done on the Schedule K-1 Worksheet, in the section titled "Distributions from Schedule K Line 16d". Is that correct? That entry travelled correctly to Schedule K-1.
2. For the Dissolution, it appeared to be merely changing the End of year No. of shares from 100 to 0. But TurboTax Business will not let me do that, on any of the forms I have looked at. And, on the Schedule K-1 Worksheet, I also recorded 0 (zero) near the bottom of the form in the Total number of shareholders at year end. That did not do anything on the K-1.
I have not been able to find anything about this second issue in the usually-helpful right-click information for these entries.
By the way, The Asset Entry Worksheet and 4797 support info has been very useful; thanks!
Thank you for your assistance!
SG
