Thanks a lot, @Rick19744 ! I also contributed cash to the S-Corp in 2020, so should the amount for 1120S Schedule K-1 Box 16D be my net cash distribution (cash distributed - cash contributed)?
I noticed that on my personal income tax return using TurboTax, entering the 1120S Schedule K-1 Box 16D amount reduces my Qualified Business Income deduction, dropping my QBI a lot lower than (S-Corp ordinary business income x 20%). Is there a reason for that? My distribution is an income distribution. It's not a dividend nor a capital gain, so I don't understand why it would have any affect on QBI.
Thanks for your help!
