Form 1120 (Corporation Income Tax Return), Form 1120S (Income Tax Return for an S Corporation), Form 1065 (Return of Partnership Income), and Form 1041 (Income Tax Return for Estates and Trusts) each has a place to indicate the number of shareholders, partners, or beneficiaries as required by the return.
Form 1120: Editing the number of shareholders in the tax program:
The number of shareholders on Form 1120 must be entered on Schedule K if there are fewer than 100. To input the number of shareholders, from the Main Menu of the Tax Return (Form 1120) select:
Schedule K - Other Information > Number of Shareholders at Year End
Form 1120S: Editing the number of shareholders in the tax program:
In Form 1120-S you must create a Schedule K-1 entry for each shareholder. The program will enter the total number of shareholders on line I of Form 1120S. To create a Schedule K-1 for a shareholder, from the Main Menu of the Tax Return (Form 1120S) select:
Schedule K - Distributive Share Items > Schedule K-1 Input > New
Enter the information for the shareholder as prompted by the program.
Form 1065: Editing the number of partners in the tax program:
In a Form 1065 you must input a Schedule K-1 entry for each partner. To create a Schedule K-1 for a partner, from the Main Menu of the Tax Return (Form 1065) select:
Schedule K - Distributive Share Items > Schedule K-1 Input > New
Enter the information for the partner as prompted by the program.
Form 1041: Editing the number of beneficiaries in the tax program:
In a Form 1041 you must input a Schedule K-1 entry for each beneficiary. To input a Schedule K-1 for a beneficiary, from the Main Menu of the Tax Return (Form 1041) select:
Schedule K - Distributive Share Items > Schedule K-1 Input > New
Enter the information for the beneficiary as prompted by the program.
