What is the form used for? :
A personal service corporation (PSC) that elects to have a tax year other than a calendar year uses this schedule to:
- determine if the PSC meets the minimum distribution requirement for the tax year, or
- figure the limits on deductions if the requirement is not met.
Is the form Supported in our program? Yes
How to access the form: To access the form, you will need to open an 1120 return on the desktop and then go to Add Form/Display, and type Sch H.
Limits to the form: This form can only be accessed from the desktop software. This form cannot be copied.
IRS Publication: https://www.irs.gov/forms-pubs/about-schedule-h-form-1120
Solution Articles:
Sch D (1120) - Capital Gains and Losses
Sch B-1 (1120S) - Info on Certain Shareholders of an S Corporation
