How to report liquidating distribution (cash) from an S-Corp (1120S, 1099-DIV, and 1040)

[SandalsCA]

I have liquidated my S-Corp, and the remaining $5,000 in cash was distributed to me, the sole owner. This matches my basis exactly, so there is no resulting gain/loss.

I was going to report the $5,000 as a normal S-Corp distribution on the K-1, but it sounds like that is not correct since this is a full liquidation.

1. Does this $5,000 NOT get reported on the 1120-S anywhere?
2. To report this $5,000 liquidating distribution to the IRS, do I just issue a 1099-DIV and put the $5,000 on Box 9 (Cash Liquidation Distributions)?  The business doesn't report the liquidating distribution anywhere else?
3. When I fill out my personal 1040, will it give me the opportunity to enter the basis ($5,000) so that the 1099-DIV amount will result in no gain?  (Any tips for the best way to report the 1099-DIV amount on my 1040 to reflect it results in no gain?)

Thanks so much for your help!

[M-MTax]

@Rick19744 knows a lot about liquidations and distributions.

[Rick19744]

Duplicate post.  @SandalsCA See my response on your other thread.

https://ttlc.intuit.com/community/business-taxes/discussion/re-responses-to-your-follow-up-questions...

[DaveF1006]

Yes, according to this Turbo Tax post, you issue yourself a 1099-DIV and report the $5000 in Box 9 on the 1099-DIV form. You will in turn report the 1099-DIV on your personal return with the amount listed in Box 9. You will then report the liquidating distribution as a stock sale. Here the basis and the proceeds of the sale is the same, resulting in no taxable income. To report as a stock sale.

1. Go to federal>wages and income>investment income>stocks, bonds, other
2. Now you will answer some preliminary questions.  Say no if you did not receive a 1099B.
3.  Next screen is critical because it asks you for the sale price, description, what you originally paid for it, date sold, date acquired etc. 

[ Edited 01/31/22|04:41 PM PST]