PatriciaV
Employee Tax Expert

Business & farm

Shareholder distributions reduce equity, which is a the bottom of the Balance Sheet.

In TurboTax, report distributions to shareholders under Business Info >> Member/Partner Information. Edit each member to report contributions, distributions, other adjustments, and ending capital. Your entries in this section flow to the Balance Sheet and to the individual Schedules K-1.

Note that you may not be required to include a balance sheet. Read more here:

https://ttlc.intuit.com/replies/3302277

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