1120-US: Form 1120S - common FAQs

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The following includes answers to common questions for S Corporation returns.

If the corporation was always an S Corporation, is Schedule M-2 still required?

Can I specifically allocate S Corporation items to the shareholders?

How are health / medical insurance premiums allocated to a single shareholder?

Why is the Section 179 expense not allocated to a shareholder who is an estate or trust?

How do I enter data for Schedule K-1, Box 17 - Other information?

Why is a Schedule M-1 adjustment for Form 4797 being generated for the sale of section 179 assets?

How do I specify which items transfer from an 1120 S Corporation Schedule M-1 to Schedule M-2?

How can I get an 1120 S Corporation's Schedule L end-of-year retained earnings to reflect the end-of-year Schedule M-2 balances?

Should officer life insurance premiums and cash surrender value affect the OAA?

Why are distributions reducing the Accumulated Adjustments account when the ending balance is negative?

Can I control which calculated adjustments transfer to Schedule M-2?

How do I print just the shareholder package?

Why doesn’t Schedule K-1 reflect the amounts limited by the shareholder’s basis in the S Corporation?

Related topic: 1120 frequently asked questions

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