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aldol
New Member

The dividends were declared and paid reducing Retained Earnings in QB. Where to enter dividends paid to shareholders in T2 if there are no balances in QB regarding it.

There were no any balances regarding the dividends in QB after the transactions. So, when QB was loaded into TurboTax there were nothing about dividend paid. The T5 was submitted with Boxes 10, 11, and 12. I've seen some posts that said that the dividends paid to shareholders must be entered on T2 in Schedule 3, line 500. When I tried to enter it there was a message that the line 500 is calculated. Please, advise if according to the case that I described the dividends paid should be entered anywhere in T2 and if yes then where, Thanks

2 Replies

The dividends were declared and paid reducing Retained Earnings in QB. Where to enter dividends paid to shareholders in T2 if there are no balances in QB regarding it.

Dividends payable are available on the Schedule 100 in the Liability section GIFI code 2962.

aldol
New Member

The dividends were declared and paid reducing Retained Earnings in QB. Where to enter dividends paid to shareholders in T2 if there are no balances in QB regarding it.

Thank you for the reply and for the GIFI for the Dividends payable account. I'll use it if there is a balance. However, for the situation that I was asking there is no balance as it was paid off; the account was debited. There is 0 balance. So, this why I'm asking if I need to enter anything about the Dividends anywhere in T2. If yes then where.
Thanks