Shareholders Loan

Forum|Forum|2 years ago
February 19, 2024
1 reply
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I am doing my personal taxes for 2023. I also have a corporation. In 2023 I withdrew funds in Shareholders loans. The same year I paid back the full amount of the loans. In Turbotax I have a line to fill in called Other Income Line 2. and I have to insert the amount I withdrew from my corporation. But, if I paid it all back should I still insert the amount withdrawn? or just leave it at 0? Since there is nowhere to show the amount paid back then I am assuming I just leave it blank.

TurboTax Online Self-Employed

Best answer by TurboTaxSusan

If you paid back the full amount within 1 year after the end of the taxation year of the lender, and the repayment was not part of a series of loans or other transactions and repayments, then the loan is not taxable. You don't need to enter it on your personal tax return.

GHarpe

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