Print a shareholder footnote in an 1120S return
Add a shareholder footnote to present extra detail with a shareholder's Schedule K-1 in an 1120S return.
You can add a shareholder footnote to present extra detail with each shareholder's Schedule K-1. The application prints most shareholder footnotes on the last page of the federal Schedule K-1 statements. Three types of footnotes are available: footnotes that apply to all shareholders, footnotes allocated to selected shareholders, and footnotes associated with a Schedule K-1 line.
- Go to .
- Select the footnote type that fits your needs, and enter the footnote accordingly.
- Footnotes Applicable to All Shareholders
- Enter the footnote with or without an amount. The application prints this footnote for all shareholders. If you enter an amount, the application allocates it to the shareholders based on their ownership percentage.
- Footnotes Allocated to Selected Shareholders
- Enter the footnote with or without an amount. If you don't enter an amount, enter an X next to each shareholder who should receive the footnote. If you enter an amount, the application prints the footnote only for shareholders with an amount; you can specially allocate the amount by entering a ratio or dollar amount next to each shareholder.
- Footnotes Associated with Schedule K-1
- Enter the footnote and associate it with the Schedule K-1 line number. Rather than printing on the last Schedule K-1 statement, the application prints this footnote with the line-number detail in chronological order. For example, the application typically prints a footnote associated with Schedule K-1, Line 1 on the shareholder's first Schedule K-1 statement. If you enter an amount, the application allocates it to the shareholders based on their ownership percentage.
The application prints the footnote with the shareholder's Schedule K-1 according to the footnote type and allocation you select.
note
The application currently prints footnotes only with the federal return, and it limits each return to 9 shareholder footnotes.
