Distributions from an S Corp.

[KTR33]

How do you report distributions in excess of basis in Turbo Tax Business ~IRS instructionsLine 17c. "Dividend Distributions
Paid From Accumulated Earnings
and Profits (Schedule K Only)
Enter total dividends paid to shareholders
from accumulated earnings and profits.
Report these dividends to shareholders on
Form 1099-DIV. Don't report them on
Schedule K-1. "

[Anonymous_ · Accepted solution]

If they are not reported on the K-1s, do not enter them into the program as distributions. Rather, follow the instructions and issue the tax reporting form.

However, if you have a balance sheet, you will have to adjust that manually.