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loch-3
Returning Member

I by mistake put money into my single member llc instead of my s corp in 2019, what do i do?i would like to make a distribution like an s corp is there a way to fix that?

 
2 Replies
Anonymous
Not applicable

I by mistake put money into my single member llc instead of my s corp in 2019, what do i do?i would like to make a distribution like an s corp is there a way to fix that?

a deposit into a  single member llc is in essence a deposit to yourself - like a transfer between your left and right pockets  you can take the money out of the llc a/c and put it into the s-corp a/c without having taxable income.  for tax purposes, for the s-corp, the money isn't  in until it's deposited into its bank a/c.  i only point this out in case you had basis problems with the s-corp.  

loch-3
Returning Member

I by mistake put money into my single member llc instead of my s corp in 2019, what do i do?i would like to make a distribution like an s corp is there a way to fix that?

so what do i do now?
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