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Net income vs retained earnings after distribution
I am an s corp. Took a small distribution in 2022. When I started doing taxes, Turbotax is considering my distribution and lowering my net income. I thought the distribution came out of my "basis" and has no impact on the end of year net income. As a result, I am getting an error on my balance sheet.
‎February 21, 2023
7:36 AM