Knowledge Base

17455: 1120S - Schedule K-1, Item D (Drake21)

1120S Sub S Corporate

What is Item D on Schedule K-1 used to report? 


S corporations are now required to report the total number of shares issued and outstanding at the beginning and end of the S corporation’s tax year. An entity without stock, such as an LLC, should enter the number of units or other equivalent to S corporation stock. For printing purposes, fractional shares entered are rounded to the nearest whole number (per the Form 1120-S instructions).

In Drake Tax, Item D, "Corporation’s total number of shares,” of Schedule K-1 is calculated automatically based on the number of “shares at start of year” entered for Item G on screen K1E and any ownership changes entered on screen OWN.

Use the fields in the “Total Shares Information” section of screen PRNT to override this calculation.


Also In This Category

Article has been viewed 1.4K times.
Last Modified: 4 Months Ago