How do i file a non taxable distribution from an s corp

[loch-6]

do i have to file schedule k-1? if so on what line?

Thanks!!

[Howard1948 · Accepted solution]

You include a Schedule K-1 to show the allocation of all the income of the S corporation to each shareholder.  You do NOT include distributions of income to each shareholder on a K-1.

I highly recommend that you seek outside competent tax advisors to help you through this.

[TaxGuyBill]

Distributions are shown on the K-1 (box 16), but I agree, you should seek a tax professional for assistance.  Unless you REALLY know how to operate a corporation, it is easy to make mistakes that can easily cost you thousands of dollars.

[Howard1948]

https://ttlc.intuit.com/questions/4142050-when-are-distributions-from-an-s-corp-not-part-of-your-inc...

This question was answered in your other posting of a similar question.

[loch-6]

i am asking here how to file it meaning what forms do i file and where?