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Shareholder

Enter shareholder information

Follow these steps to enter and update information for shareholders of subchapter S Corporations. UltraTax CS uses the shareholder information to calculate each shareholder's percentage of ownership and to complete federal and state returns.
  1. Select
    File
    , then
    Open Client
     and open the S Corporation client.
  2. Select Shareholder information to open the
    Shareholder Information
     window.
  3. Select
    Shareholder
    , then
    Add
     to enter information for a new shareholder. To update information for an existing shareholder, select the shareholder in the Shareholder spreadsheet and update the shareholder tab.
  4. In the
    Shareholder
     tab, enter general information such as the shareholder's name, address, and ownership information. UltraTax CS uses this information to complete both the federal and state returns.
  5. Select the
    Other Info
     tab and enter information for Form 1120-S, each shareholder's Schedules K-1, and the shareholder transmittal letters.
  6. Select the
    Schedule B-1
     tab and enter information if the beneficial owner isn't the registered owner of the S Corporation stock.
  7. If you're processing a new S Corporation return and need to complete Form 2553, Election by a Small Business Corporation, select the
    2553
     tab and enter the information. You'll also need to complete the 2553 screen in the Elections folder.
  8. If you're processing 1 or more state returns for this client, select the state tabs and enter state-specific shareholder information. The state tab appears only if you added the state return for the client and if the state requires state-specific shareholder information.
    tip
    • Use PAGE DOWN or PAGE UP on a field to go to the same field for the next or previous shareholder in the list. For example, if the cursor is located in the
      Supplemental information
       field for the 1st shareholder and you use PAGE DOWN, the cursor moves to the
      Supplemental information
       field for the 2nd shareholder.
    • You can add up to 400 shareholders for each S Corporation client.
    • To delete a shareholder, select the shareholder in the Shareholder spreadsheet, then Delete

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