Hi @Carl and other Tax Experts,
My business is an LLC with S-corp status. In 2018 and 2019, I put money into the firm from personal funds (member contribution) to pay for expenses (e.g. start-up expenses, regular business expenses, etc).
So let's say, I put $100K into the business from my personal account to my business account. Not as a loan but as investment INTO the firm.
In 2020 taxes, I had positive NI, (e.g. $50K) and I want to use that funds as capital paid out back to me.
I'm using forms 1120s, K-1s, Schedule M-1s, M-2s, but i don't know how to account for this.
Thoughts or guidance? Thanks in advance.
