DavidD66
Expert Alumni

Business & farm

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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