Question

Distributions to Shareholders....what form does that end up on?

Forum|Forum|1 year ago
February 18, 2025
1 reply
0 views

When you answer the 'distributions to shareholders' question on Turbotax Business, what line do they enter that and on what form?

S

SabrinaD2

In TurboTax Business, distributions to shareholders for an S corporation are typically reported on Schedule K-1 (Form 1120-S). Specifically, these distributions are entered on Line 16d of the K-1.

If you aren't referring to an S corporation please reach back out and clarify.

P

PlarkaAuthor

It is for S Corp. However, on the K-1 I only see a 16 that says 'Items affecting shareholder basis' and don't see a D On the 1120S I see on line 16 'Loan balance at the beginning of the corporation's tax year.'