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Schedule K-1 error not caught?
I recently finished my 2021 corporate 1120-S return and just found what looks like a problem with the K-1 which it generates. My ordinary business income is listed there as $43,214 in box 1, but I had a shareholder distribution of $50,000 (shown in box 16, code D). Shouldn't TT have flagged a distribution greater than income as an error?
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March 14, 2022
4:24 PM