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Business & farm
too late. you took them out in 2022. it is now 2023. distributions in excess of tax basis would be reported on your 1040 as capital gains. you need to properly fill out form 7203 on your 1040 for 2022 and of course file that 2022 S-corp return if it hasn't been done already. it could be that as capital gain, they may be taxed at zero for 2022.
‎April 30, 2023
6:13 PM