@GaryRichards wrote:
It is my understanding that starting last year the IRS required stock holders in an S-Corp to disclose the “basis” in their stock on their personal tax returns in association with imputing their K-1 information.
Turbo tax did not prompt me to do that last year so I will be looking into how to accomplish that this year.
Correct, a Basis statement needs to be provided in many circumstances, such as if you received Distributions or are claiming a loss.
TurboTax does not allow you to do it. You either must MANULLY prepare the statement and MAIL it with your tax return, or use another method (such as a tax professional) to have your tax return done.
