Thank you! This makes sense!
Looking at my K-1 from last year, it looks like the ordinary business income is the amount we entered on our personal taxes from the K-1. Is that correct?
I thought I had entered that as distributions, because I had taken all the money out of the business to pay off my house, but the distributions line 6 on 1120S is blank. Since I took all the money out to my personal account and used it, shouldn't it be entered as distributions there? I thought I told TurboTax it was distributions when answering all the questions.
