I have an S-Corp, of which I'm the only employee, that has paid me W2 wages as well as a distribution of some of the surplus funds. My basis is 0, so I expect I need to pay taxes on the distribution. There are no follow-up questions related to field 16D field in the K-1 form in Turbo Tax, which I've filled out with the distribution, that allow me to indicate that I have no basis.
Do I need to pay additional taxes on the distribution? If so, how do I enter this in turbo tax?
