You'll need to sign in or create an account to connect with an expert.
Your S-Corp made a distribution to you. On the books of the S-Corp it's recorded as a reduction of cash and a reduction of your capital account. That will flow through the Schedule K-1 to you.
On your books you account for the cash paid to the IRS as a payment of estimated taxes and a reduction of your basis in the S-Corp.
In your income taxes you'll simply report that payment as a regularly-scheduled estimated tax payments, as that's all it was.
Tom Young
Your S-Corp made a distribution to you. On the books of the S-Corp it's recorded as a reduction of cash and a reduction of your capital account. That will flow through the Schedule K-1 to you.
On your books you account for the cash paid to the IRS as a payment of estimated taxes and a reduction of your basis in the S-Corp.
In your income taxes you'll simply report that payment as a regularly-scheduled estimated tax payments, as that's all it was.
Tom Young
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
LCTx
New Member
azivnurse
New Member
eveningsky5
New Member
lvsugar76
New Member
dfpowell
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.