Same basic question above, but I am second guessing myself so would like to clarify...
When I enter my owner distribution amount of $208,849 in the Distributions to Shareholder section, it causes Turbo Tax's calculation of my retained earnings in the balance sheet section to be short by the amount of my owner distribution ( thereby not matching my accounting software balance sheet).
When I remove the entry from the Distributions to Shareholder section, everything balances perfectly. However this feels incorrect to me because there truly was an owner distribution of $208,849.
It seems to me that I'm paying taxes on the amount either way, so maybe I am over thinking it, but this is my first year as an S-corp to wanting to make sure i'm starting out correctly. Any response on this would be greatly appreciated! Thanks!
