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Level 1
posted Jan 4, 2020 12:04:47 PM

Distributions to Shareholders

As an multi-parntership LLC that files as an S Corp, I pay out the profit every year in relation to the K1 earnings.  When I file next years, or this years, taxes do I put that money paid to shareholders in this section, or is this section only for separate draws

 

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2 Replies
Level 15
Jan 4, 2020 12:31:24 PM

The Distributions section is generally for anything other than loans and salaries.

New Member
Jan 5, 2020 2:51:46 PM

To piggy back to the last question...2019 was our first year in business. We are a S Corp. Owners get paid a reasonable wage through out the year. We are paying out a distribution of 2019 income...should this be dated 2019 or 2020?