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When TT Business asks if I took a distribution from my S Corp...
I am 100% owner of an S Corp. Over the year I took distributions (along with wages). At one point I also put in a large contribution. When you combine the two, the contributions are a little bit larger so the number is positive. When TT Business asks if I took a distribution from my S Corp, is it asking just for the distributions, or contributions and distributions added together? What if the contributions are larger than the distributions? What number is it looking for?
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When TT Business asks if I took a distribution from my S Corp...
@AmyEllen wrote:
What number is it looking for?
It is just looking for cash and property distributions to shareholders (the total amount) made during the tax year.
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When TT Business asks if I took a distribution from my S Corp...
The reason I asked is that the CPA we used last year combined them...
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