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T
t2ig2
August 26, 2019
Question

I do have S-Corp. In 2017 I have a retained earnings which was distributed to shareholder. In 2018 at Beginning Book Retained Earnings I have distributed amount in 2017

  • August 26, 2019
  • 1 reply
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    A
    Anonymous_
    Employee
    August 26, 2019

    The closing balance in the retained earnings account for the previous tax year becomes the opening balance for the following tax year.

     

    The new retained earnings figure is calculated by adding net income to the opening balance, subtracting net loss from the opening balance, subtracting the income distributed to shareholders to identify the closing balance for retained earnings.

     

    If you are experiencing issues with these, or other calculations, you should consult with a tax professional.

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