Ownership % Wks

[Countingcat]

My husband and I have a 2 member LLC S-corp. All of the share holder info is entered correctly. 50% weighted ownership for each of us. On the Ownership % Worksheet, which has a box to carry over to Schedule K1's, the information is incomplete and does not allow for correct entries. It insists on number of shares vs weighted and it only lists my husband. This form is not submitted but is just a worksheet. Can I just delete it? If not, how do I get it to show the correct info. I tried over-riding the weighted field but that doesn't let me enter info for the second shareholder.

[ThomasM125 · Accepted solution]

You should not delete the worksheet. You need to enter the number of shares to get the percentage to populate properly. Since you are 50/50 owners, you can enter 50 shares for the first partner listed in the Number of Shares Held column. Then, use the scroll box to the right of the Weighted Average Ownership % column to find the entry for shareholder number 2. Enter 50 for the shares for that shareholder and you will see their name appear on the worksheet and the correct 50% ownership in the Weighted Average Percent column for both shareholders.