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Where to report s-corp stock purchase on 1120s?

Forum|Forum|7 years ago
June 3, 2019
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I setup a new S-Corp last year (2015) and issued stocks for myself for $1000. I am the only owner of the S-Corp and no employees. Where do I report this amount to IRS on 1120S form? I am using TurboTax Business. Thanks in advance for your help. FYI, I also filed 83b election. Chung.

Best answer by Fern

The purchase of the S Corp stock is reported in the balance sheet only. It is not a taxable event. You will record equity of $1,000. The offset to that is the cash and/or assets you put into the business.

To enter in Turbo Tax:

Select Federal Taxes
Select Balance Sheet

F

FernAnswer

Employee

The purchase of the S Corp stock is reported in the balance sheet only. It is not a taxable event. You will record equity of $1,000. The offset to that is the cash and/or assets you put into the business.

To enter in Turbo Tax:

Select Federal Taxes
Select Balance Sheet