cdyong
Returning Member

S-Corp Distribution

As an owner of an s-corp., can I pay myself a distribution in 2022 from 2021 earnings reported on K1?  I have paid myself a salary and a bonus, but never ever a distribution. If yes,  I assume I can do a bank withdrawal? How do I report it for 2022 whereby it will not be treated as taxable because I have already paid personal income tax for it. Thank you.

‎April 22, 2022 3:28 PM
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Anonymous_
Level 15

Get your taxes done using TurboTax

See the screenshot below for where to enter the distribution in the program.

 

Untitled.png

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‎April 22, 2022 7:16 PM
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lisadoll
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Get your taxes done using TurboTax

do we also put this amount in the section titled "Dividend Distributions to Shareholders?" Or only in the area you outlined already?

‎March 21, 2023 12:39 PM
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Anonymous_
Level 15

Get your taxes done using TurboTax

Just here (unless you have an E&P account, which you almost certainly do not):

 

Untitled.png

‎March 21, 2023 1:40 PM
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