Using Turbo Tax Business 2017, and filing 1120S. Four owners (25% each). Reporting net profit, but no distributions to shareholders. How to generate K-1's for each owner?

[tt-bus-pers-user]

TT Biz 2017 seems to require "distributions" before producing K-1's.  How to get four k-1's without distributions, so net profit is allocated to each owner/shareholder?

[JulieCo · Accepted solution]

When entering the shareholder information in the Business Info section, there is a screen that asks whether you made distributions to shareholders during 2017.  You will want to make sure this question is answered NO.  Then you should be able to generate your K-1 forms.  See sample screenshot attached.

This would be accessed under the Business Info tab, then the Shareholder Information tab.  The first screen will be to edit the shareholders, then the next screen will be ownership percentage and the next screen should ask about distributions.