2013 H&R Block at Home Lab Instructions, Whittenburg & Altus-Buller

2013 H&R Block At Home Lab Instructions, Whittenburg & Altus-Buller

Ch. 11 Olive - C Corporation

Open H&R Block Business 2013, and update it.

Select Create a new return, and select Next.

Select C corporation return, and select Next.

Select Whole Form, and enter the name of the corporation.

For C, enter 1/1/2013, and for E, select (1) Initial return.

Now you're ready to enter the amounts for income and deductions. Enter the gross income on line 1a.

To enter the dividends, select the JumpTo Linked Field box for line 4, and for Schedule C, enter the amount on line 1, in column (a). To return to the Form 1120, select Close Form, Return to Interview, and then Whole Form.

To enter the cost of goods sold, begin entering the amount on line 2. The Calculated Field dialog box will open, and select Override. Then you can finish entering the amount. The area will turn pink because of the override.

To enter the compensation of officers, begin entering the amount on line 12. The Calculated Field dialog box will open, and select Override. Then you can finish entering the amount. The area will turn pink because of the override.

For salaries, select the JumpTo Linked Field box for line 13 and enter the amount on line 1. Return to the Form 1120. Enter the repairs on line 14 and the bad debts on line 15. For line 17, select the JumpTo Linked Field box and enter the amount on the line for payroll tax. Return to the Form 1120.

To enter the depreciation, begin entering the amount on line 20. The Calculated Field dialog box will open, and select Override. Then you can finish entering the amount. The area will turn pink because of the override.

Enter the advertising on line 22. To enter the estimated federal income tax payments, select the JumpTo Linked Field box for line 32. Scroll down to Schedule J Part II and begin entering the amount on line 13. The Calculated Field dialog box will open, and select Override. Then you can finish entering the amount. The area will turn pink because of the override. Return to the Form 1120.

Notice that the federal income tax on line 31 is 3,150, and that there is an 850 overpayment on line 35. Enter 850 on line 36 to credit the overpayment to 2014 estimated tax.

From the tabs at the bottom of the window, select 3 for page 3.

For Schedule K, line 1, select box b, Accrual. Select No for lines 3 and 4a, and select Yes for line 4b.

From the tabs at the bottom of the window, select 4 for page 4. Select No for lines 5a, 5b, 6 and 7. Enter 2 on line 10. Select No for lines 13 and 14, and select Yes for lines 15a and 15b.

From the tabs at the bottom of the window, select 5 for page 5.

For Schedule L, select the JumpTo Linked Field for line 1, column (d). Select Sch L – Balance Sheet, and in the Ending column, enter the amounts for cash on line 1, accounts receivable on line 2a, inventory on line 3, equipment on line 10a, accumulated depreciation on line 10b, accounts payable on line 16, note payable on line 20, and common stock on line 22b.

Save the file by selecting File/Save Return from the menu. Then back it up by selecting File/Backup Return...

To save the return in PDF format, select File/Print... from the menu, and then select the PDF icon. In addition to the tax forms in the text, the software will generate a two-page Error Report, a one-page Override and Estimate Report and four pages of supplementary information. Review the tax return.

Ch. 11 Olive - S Corporation

Open H&R Block Business 2013, and update it.

Select Create a new return, and select Next.

Select S corporation return, and select Next.

Select Whole Form, and for A, enter 1/1/2013. Enter the name of the corporation.

For E, enter 1/1/2013, and for G, select Yes.

Now you're ready to enter the amounts for income and deductions. Enter the gross income on line 1a.

From the tabs at the bottom of the window, select 2 for page 2. For Schedule B, line 1, select box b Accrual, and select No for lines 3, 4a and 4b. Select No for lines 5a, 5b and 6. Select No for lines 10, 11 and 12, and select Yes for lines 13a and 13b.

From the tabs at the bottom of the window, select 3 for page 3. To enter the qualified dividends received, for Schedule K, line 5a, select the JumpTo Linked Field box, and enter the amount on the first line for Ordinary dividends and also on the first line for Qualified dividends. To return to Form 1120S, select Close Form, Return to Interview, and then Whole Form.

To enter the compensation of officers, begin entering the amount on line 7. The Calculated Field dialog box will open, and select Override. Then you can finish entering the amount. The area will turn pink because of the override.

For salaries, select the JumpTo Linked Field box for line 8 and enter the amount on line 1. Return to the Form 1120S. Enter the repairs on line 9 and the bad debts on line 10. For line 12, select the JumpTo Linked Field box and enter the amount on the line for payroll tax. Return to the Form 1120S.

To enter the depreciation, begin entering the amount on line 14. The Calculated Field dialog box will open, and select Override. Then you can finish entering the amount. The area will turn pink because of the override.

Enter the advertising on line 16.

From the tabs at the bottom of the window, select 4 for page 4.

From the tabs at the bottom of the window, select Options, and for Page 4, check the first box.

Now you’re ready to enter the information for the two stockholders. From the menu, select Forms/Open Forms, and highlight Schedule K1 (1120S). Select the Open Forms button. At the bottom of the window, select the Input tab. Notice the number 1 at the top, for the first record - the first shareholder. Enter the name for Linda Holiday. In the Percentage of Stock section, enter 50 for Shareholder Percentage. At the top, select Add New Record and enter the name for Ralph Winston. In the Percentage of Stock section, enter 50 for Shareholder Percentage.

Save the file by selecting File/Save Return from the menu. Then back it up by selecting File/Backup Return...

To save the return in PDF format, select File/Print... from the menu, and then select the PDF icon. In addition to the tax forms in the text, the software will generate a two-page Error Report, a one-page Override and Estimate Report, a Schedule K-1 for Ralph, a K-1 Statement for each shareholder and four pages of supplementary information. Review the tax return.