S-Corp Tax Return: Shareholder's Basis Computation?

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catchinup
Posts: 85
Joined: Sun Dec 31, 2017 6:35 pm

S-Corp Tax Return: Shareholder's Basis Computation?

Post by catchinup » Wed Mar 13, 2019 11:59 pm

Hi I am using Turbotax to finish my 2018 S-Corp tax return. In previous years I had an accountant do it and she would include a Shareholder's Basis Computation worksheet.

The TurboTax program did not produce that for me. Do I need it? If it's only needed if I'm reporting a loss, then perhaps I don't need it? I'm reporting a profit that I'm passing through via K-1. Thanks

theplayer11
Posts: 912
Joined: Tue Jul 22, 2014 8:55 pm

Re: S-Corp Tax Return: Shareholder's Basis Computation?

Post by theplayer11 » Thu Mar 14, 2019 7:02 am

I think you will need it at some point down the line. Use basis at start of year, add income and subtract distributions. This is if you don't have any other complications such as loans.

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