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Business & farm
if k-1 is for calendar year 2018 or for fiscal year ending before 12/31/18 show on 2018 personal return. distributions are not taxable unless they exceed your basis in the S-Corp. Hopefully the S-corp provided a basis worksheet or you know it. if not, contact S-Corp to see if they can provide it. if not, seek advice of tax pro who can review situation. As I have stated, distributions are taxable to extent they exceed basis and if you don't know basis you don't know whether they are taxable. And if you don't know if they're taxable, you may be filing a return where you are underreporting your taxable income. By the way it was your responsibility to track your tax basis, not the S-Corp.
‎July 2, 2019
3:27 PM