Thanks for the advice TurboTaxPatriciaV ....wish I'd interacted with you sooner! Using 2016 TurboTax Business, is there a way to issue a K-1 to document a February 2017 final distribution? While I received my final W-2 salary in 2016, I had no way of knowing accurately what the remaining cash assets would be until now.
Unfortunately the advice in your last sentence is a problem for me. The unchangeable facts are that on 2/15/2017 I filed dissolution notice DC-13 with Hawaii and form 966 with the IRS advising shareholders voted to dissolve the Hawaii S-Corp as all business was ceased as of 12/31/2016. The last outstanding business check was just paid yesterday (to my accountant) and I'm about to distribute the remaining cash to shareholders and close the bank account.
My plan was to "check" my 2016 1120S return as "Final" so that the IRS would not expect any further S-Corp filings. As the TurboTax Business software only asks if there were any cash distributions in 2016, how do I document the final distribution in February 2017? Or will I need to file a 2017 1120S? Help .........
