Schedule K-1


J

Julie Amisth

Does any version of Microsoft Money handle Schedule K-1 of S Corporations?
 
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W

Wickerlove

Does any version of Microsoft Money handle Schedule K-1 of S Corporations?

As far as I can tell, Small Business doesn't ....
(just bought it recently)
 
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G

Guest

By "handle" do you mean (a) that you are using Money for
an S-Corp and want a report showing the K-1 items or (b)
that you want to record the amounts shown on a K-1 for a
shareholder that uses Money? I don't know on (a). For
(b), using Money Deluxe 2004, I am not aware of a specific
function that allows direct input from tax forms
(including W-2s or 1099s) in the same way that Turbotax or
TaxCut might.

However, many of the items on the K-1 will impact your
basis in the stock (for example, ordinary income will
increase your basis, and charitable contributions and
distributions will decrease it). After you have verified
which items you have already recorded, I suggest going
into your investment account for that stock and recording
the items on the K-1 in the same way that you would record
transactions for a mutual fund. I don't know if it is
possible to get other items from the K-1 (such as AMT
adjustments) into Money.
 

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