jallison49
New Member

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

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
New Member

Business & farm

  • 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.

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jallison49
New Member

Business & farm

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
New Member

Business & farm

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
New Member

Business & farm

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.