cpabsd Posted March 10, 2015 Report Share Posted March 10, 2015 S corp distributions in excess of basis - I believe these are to be treated as LT capital gains but ATX is bringing them in as ST. How do I override to treat as LT? I cannot seem to locate within software. Bunny hopping is not working on this one and it will not let me override the system. Quote Link to comment Share on other sites More sharing options...
jasdlm Posted March 10, 2015 Report Share Posted March 10, 2015 The stock has been owned longer than a year? Quote Link to comment Share on other sites More sharing options...
Randall Posted March 10, 2015 Report Share Posted March 10, 2015 I don't think time matters. I think they're automatically considered long term. Enter acq date as various or a date S corp started if over 12 mos. Then override ST with LT. Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted March 10, 2015 Report Share Posted March 10, 2015 (edited) It defaults to short-term on the K1 input screens. You have to enter the long-term portion. Edit: I see they've changed it a bit this year. Edited March 10, 2015 by jmdaviscpa 1 Quote Link to comment Share on other sites More sharing options...
grmy2h Posted March 10, 2015 Report Share Posted March 10, 2015 It's on the detail tab of the K-1 input screen about 3/4 of the way down. Quote Link to comment Share on other sites More sharing options...
jshtax Posted March 11, 2015 Report Share Posted March 11, 2015 It isn't a loan to shareholder? Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted March 11, 2015 Report Share Posted March 11, 2015 It's on the detail tab of the K-1 input screen about 3/4 of the way down. It's also on the input tab where it's a lot friendlier interface, IMO. Quote Link to comment Share on other sites More sharing options...
cpabsd Posted March 11, 2015 Author Report Share Posted March 11, 2015 On the input tab - in the corporation or individual file? I am just missing the line item for this one. Frustrating!! Quote Link to comment Share on other sites More sharing options...
jasdlm Posted March 11, 2015 Report Share Posted March 11, 2015 A non-dividend distribution in excess of stock basis is taxed as a capital gain on the shareholder's personal return. It is a long-term capital gain (LTCG) if the S corporation stock has been held for longer than one year This is straight out of the IRS Pub. What am I missing? Are they always LTCG? Quote Link to comment Share on other sites More sharing options...
cpabsd Posted March 11, 2015 Author Report Share Posted March 11, 2015 I know they are long term...but software is defaulting to short term. It will not allow me to override and I cannot locate the proper place to input that it is to be treated as long term. i found a work around ....but i'd rather do it correctly. Quote Link to comment Share on other sites More sharing options...
grmy2h Posted March 11, 2015 Report Share Posted March 11, 2015 On the input tab - in the corporation or individual file? I am just missing the line item for this one. Frustrating!! It will be input on the individuals return. Quote Link to comment Share on other sites More sharing options...
Randall Posted March 12, 2015 Report Share Posted March 12, 2015 I'm not sure where you're inputting. In ATX on Form 8949, input tab: if you enter an acquisition date, the ST or LT will show up accordingly. If you enter various, ST will show up. You can then override ST with LT. I usually enter 12/31 as disposition date. Quote Link to comment Share on other sites More sharing options...
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