Hi, I'm using TurboTax Business to do my 1120 tax forms for a C Corp business. I'm looking to pay out $10,000 cash distributions to the owners of the C Corp. I see in Schedule M-2 there is a place to enter cash distributions that will reduce the C Corp's retained earnings (when I reconcile my balance sheet in TurboTax), but it doesn't generate a K-1 reflecting the $10,000 cash distribution.
Is this the correct way to handle the cash distribution? and will TurboTax automatically generate the K1?
Thanks!
