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Where do I put owner distribution for S-corp on my tax return?

I paid myself an owner distribution from my pass through S-corp both in 2024 and in 2023. My CPA applied this as a non-taxable distribution so I would pay it under my personal tax. I wanted to do the same this year but do not know where in turbotax. It was previously noted on my K-1 but I was not finding that option in turbotax. I also paid for my health insurance incorrectly with my business account (did not put it on the W2) so instead of a business deduction I need to pass it to myself so it is deducted from my personal tax return. Should this expense from my business account be under an owner distribution, owner benefit, or somewhere else?
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1 Reply
DavidD66
Expert Alumni

Where do I put owner distribution for S-corp on my tax return?

You enter your Distributions on Schedule K of Form 1120-S.  It goes on line 16d in the "Income Affecting Shareholder Basis" section.  You can use Forms mode to go directly to that line on your 1120-S.  It will then flow to your Form K-1 box 16.  You can't balance your Balance Sheet without entering your Distributions.  

 

You need to issue yourself a corrected W-2 if you want to deduct your health insurance.  You cannot deduct it on your personal tax return unless it is reported on your Form W-2.  

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