I just noticed that my K-1s from previous years do not have anything written on line 6 where it says 'Distributions.' I took all the money beyond the salary I paid myself (S Corp) and used it to pay off my house, and entered that in Turbotax, but it looks like Turbotax changed it to zero? Also, I noticed that on the form 7203 in Turbotax this year, it says my basis is higher than it should be, considering I took distributions. Should I fix this by putting that amount of money the IRS thinks I have, into my business bank account? I do have the money because although I took it as distributions this year, it is still in my personal savings unused. Or would that be considered some kind of action made to my business this year, a contribution of money or something like that? Or does it not matter, and I can let the IRS think I have a higher basis than I have? It's just a small tutoring business consisting of just myself. I do notice that each time I go back into Turbotax to work on my return, it changes 'Did you give distributions to shareholders' to 'No' and the amount to 'zero.'
