topic Shareholder Payments in Get your taxes done using TurboTax

Shareholder Payments

lazesuzn — Fri, 03 Sep 2021 15:58:30 GMT

I erroneously entered an amount in the "Repayment of Loans from Shareholders" and went back and clicked "NO" that we actually did not make any payments, and when I look at my printed returns, that amount is still showing in there. How do I get rid of it for good?

Re: Shareholder Payments

Anonymous_ — Fri, 03 Sep 2021 16:10:58 GMT

I can only presume that you are using TurboTax Business to prepare a return for an S corporation.

If that is the case, enter Forms Mode and look for the Basis Info Wks under Forms in My Return. Clear the Loan repayments to shareholder field.

Re: Shareholder Payments

Critter-3 — Fri, 03 Sep 2021 17:52:26 GMT

FYI ... there are many places in the program where you indicate YES to a question and then enter info on the following screen. Simply returning and answering NO will not erase the info on the following screen ... so the correct way to fix this is to say yes ... remove the entries on the next screen and then back up to say NO.

Switching to the FORMS mode will also work if you are in the downloaded version.

Re: Shareholder Payments

Anonymous_ — Fri, 03 Sep 2021 22:06:46 GMT

@Critter-3 wrote:

....Simply returning and answering NO will not erase the info on the following screen ... so the correct way to fix this is to say yes ... remove the entries on the next screen and then back up to say NO.

That will usually work in Step-by-Step Mode in virtually all instances, but sometimes it simply fails.

@Critter-3 wrote:
Switching to the FORMS mode will also work if you are in the downloaded version.

TurboTax Business is only available as an installed version (there is no online version). Regardless, anything other than a simple, standard, return almost always requires resorting to Forms Mode, whether it is an 1120, 1120-S, 1065, or 1041.