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lcMomma
New Member

How do I enter a Sub Chapter S Distribution? We received the check, but cannot seem to find it reported anywhere. Need to report, but don't know where. Please advise.

 
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1 Reply
DanielV01
Expert Alumni

How do I enter a Sub Chapter S Distribution? We received the check, but cannot seem to find it reported anywhere. Need to report, but don't know where. Please advise.

Chances are the distribution itself is not reported.  However, you may be asked by the IRS to show your basis in the S Corp.  If you received 4 pages with your K-1, the basis is reported on the 4th page and tells the IRS that the distribution came from the corporation earnings that you have previously included as taxable on your return.

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