I started a new S-Corp with 40K as loan to the business. Now the business is profitable and I took out 8K as distribution.
I would like to offset this 8K as loan repayment. However when I file my personal taxes it is getting treated as pass thru income. What am I doing wrong here.
You'll need to sign in or create an account to connect with an expert.
There are a number of facts missing here, but I will provide some guidance:
There are a number of facts missing here, but I will provide some guidance:
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
obeteta
New Member
juicyboog
New Member
tocguy
Level 3
Tinell
New Member
Kathyyy
Returning 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.