How do I specially allocate items to a specific shareholder in an S Corporation return using worksheet view?

  1. Go to the Shareholders> Special Allocations worksheet.
    • Select section 2 - Special Allocation Detail.
      • In line 1 - Code Lookup, enter the federal or state allocation code.
        • To view the list of codes, use the drop-down arrow, double-click on the box or press F4.
        • The code that is selected will automatically populate in the Allocation Code box and the Description Box.
      • In the grid in line 4 - Special Allocation Detail, in the Shareholder Number column, enter the applicable shareholder number.
        • Note: You can also use Ratio IDs that have already been defined in the section 3 - Ratio Allocation Worksheet.
      • In the Allocation column, enter the percentage or dollar amount to be allocated to that shareholder.
        • Repeat above steps for remaining shareholder involved in the special allocations.
  2. Calculate the return.

Notes:

  • If you are using activity numbers in the return, enter the activity numbers in this worksheet in order for allocation to work properly.
  • To view options for special allocations, go to the Shareholders > Special Allocations worksheet, section 1 - Special Allocation Options.
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