Turbotax Business 2022: Where do I enter capital contributions for a solo S-Corp?

Forum|Forum|2 years ago
September 15, 2023
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This is my first time using TurboTax Business with a solo S-corp. Previous returns were through a CPA. I have a vague notion of keeping up to date on basis, and my understanding is that I need to document my capital contributions (owner's deposits) somehow through the K-1 form. How do I document this the proper way using TurboTax Business? I saw a previous thread from 2 years ago, but it didn't seem to make sense (perhaps the form boxes were renumbered by IRS).

TurboTax Business Windows

Best answer by Anonymous_

Hmm ... do you remember which section the step-by-step screen was? I went through everything but couldn't find it. I did, however, skip the Balance Sheet section because I'm well under the minimum.

Look in the Shareholder Information section (I realize it's difficult to locate).

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Anonymous_

Employee

A capital contribution won't appear on your K-1 (1120-S).

In TurboTax Business, you can enter the figure on the S Corporation Shareholder Stock and Debt Basis Limitations Worksheet in Forms Mode (and on your Balance Sheet, if necessary).

Turby2000Author

Thanks for the tip. So it looks like it shows up as "Sh Basis Wks" when I switch to Forms mode. So, I opened it up, and as a non-accountant, the forms looks foreign to me. I have such a simple return (no real estate, no vehicles, no dividends, no distributions, no interest) just a simple service-based income, a handful of boring deductions, with a slight loss for the year. The form was autopopulated with just 35(a) Ordinary business loss, ad the total at the bottom.

Do I put my total 2022 capital contribution in Part 1, box 2?

Is there a step-by-step for this form that I somehow skipped over? I feel like I wasted money on Turbotax and I need to go back to another CPA or pay for lessons on how to fill out this form.

Anonymous_

Employee

@Turby2000 wrote:
Do I put my total 2022 capital contribution in Part 1, box 2?

Yes, that is where you would enter a capital contribution on that worksheet. You should have been presented with a facsimile of that form during the interview (Step-by-Step) but it's really easy to skip that particular screen and you have to scroll to see the whole worksheet.